2020 Supplement to the Annual Report 1

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2020 supplement to the annual report 1

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table of contents

Overview Upstream Downstream Reference 1 2020 at a glance 11 Highlights 42 Highlights 54 Glossary of energy and financial terms 2 Financial information 15 United States 43 Refining and marketing Additional information 8 Future of energy 21 Other Americas 46 Lubricants 56 24 Africa 47 Additives 27 Middle East 48 Petrochemicals 28 Asia 49 Supply and trading 31 United Kingdom 49 Transportation 32 Australia 50 Operating data 34 Operating data

Cover photo: Following the acquisition of Noble Energy, Inc. in October 2020, Chevron holds a 39.66 percent owned and operated interest in the Leviathan gas field in Israel. The company continues to progress efforts to monetize its discovered resources at Leviathan.

Inside front cover photos: 1 Angola, 2 COVID-19 Response, 3 Singapore, 4 El Segundo, 5 Kazakhstan, 6 Permian Basin, 7 Leviathan 2020 at a glance financial highlights sales and other operating revenues $94.5 billion net income attributable to chevron corporation $(5.5) billion, $(2.96) per share – diluted return on average capital employed (2.8)% cash flow from operating activities $10.6 billion cash dividends $5.16 per share corporate strategies Upstream Exploration – Added approximately 5 billion barrels of Financial-return objective – Deliver higher returns, lower carbon potentially recoverable oil-equivalent resources. Participated and superior shareholder value in any business environment. in six conventional exploration and appraisal wells. Progressed Enterprise strategies exploratory and appraisal drilling in the U.S. and Mexico deepwater y Deliver results through disciplined operational excellence, Gulf of Mexico, pre-salt Brazil, and shale and tight programs in the capital stewardship and cost efficiency. onshore United States and Argentina. y Grow profits and returns by using our competitive advantages. Portfolio additions – Portfolio growth included 36 exploration y Invest in people to develop and empower a highly competent blocks in various regions in the U.S. Gulf of Mexico, Egypt, Canada, workforce that delivers superior results the right way. Colombia and Cyprus in 2020 and early 2021. These additions total y Differentiate performance through technology. approximately 5.67 million net exploration acres. y Advance a lower carbon future by lowering carbon intensity, Production – Produced 3.08 million net oil-equivalent barrels per increasing renewables and offsets, and investing in low-carbon day, approximately 1 percent higher than 2019. technologies. Shale and tight resources – Continued development of the Major business strategies company’s significant shale and tight resource position. y Upstream – deliver industry-leading returns while developing y Production in the Permian Basin in Texas and New Mexico high-value resource opportunities. increased 29 percent over the prior year to 574,000 barrels of y Downstream – be the leading downstream and chemicals company oil-equivalent per day. that delivers on customer needs. y Continued development drilling in the Duvernay Shale in Canada. y Midstream – deliver operational, commercial and technical y Achieved first oil from appraisal campaigns in the El Trapial and expertise to enhance results in upstream and downstream. Narambuena blocks in Argentina. y Added high-quality assets in Colorado’s Denver-Julesburg (DJ) accomplishments Basin with the Noble acquisition. Major projects – Continued progress on the company’s development Corporate projects to deliver future value. Safety and environment – 2020 was one of Chevron’s best years ever y Achieved first production from the Sarta Phase 1A project in the in overall safety and environmental performance, setting new record Kurdistan Region of Iraq. lows for serious injuries, Tier 1 and 2 Loss of Containment (LOC) y Advanced construction of the FGP/WPMP at TCO in Kazakhstan. incidents, and motor vehicle crashes. In addition, Chevron continues y Progressed the St. Malo Stage 4 waterflood and the Jack/St. Malo to lead the industry on Total Recordable Injury performance. multiphase subsea pump projects in the U.S. Gulf of Mexico. Dividends – Paid $9.7 billion in dividends in 2020, marking the 33rd y Completed drilling of 11 subsea wells for Gorgon Stage 2 project consecutive year of higher annual dividend payouts per share. in Australia. Capital and exploratory expenditures – Invested $13.5 billion in the company’s businesses, including $4 billion (Chevron share) of spending Downstream by affiliates. Announced 2021 projected organic expenditures of Refining and marketing $14 billion, including $4 billion of affiliate expenditures. Spending in y Acquired new Australian retail and marketing assets. 2021 prioritizes investments that are expected to grow long-term y Advanced construction on the alkylation retrofit project at the Salt value and deliver higher returns and lower carbon, including over Lake City Refinery. $300 million for investments to advance a lower-carbon future. Petrochemicals Advancing a lower carbon future – Achieved its 2023 targets early y Progressed GS Caltex’s olefins mixed-feed cracker project at the with cost efficient investments to abate greenhouse gas emissions Yeosu Refinery in South Korea. in its operations. Chevron is setting new targets and expects its y Advanced Chevron Phillips Chemical Company projects to Upstream combined oil and gas intensity to be about 35% lower by develop petrochemical complexes in Qatar and on the United 2028 relative to 2016. States Gulf Coast. Portfolio management – Purchased Noble Energy, Inc. (Noble) in October 2020. Realized $1.9 billion in proceeds from asset divestments and met the divestment target of $5–$10 billion between 2018–2020. Transformation progress – Chevron’s streamlined organization is in place and is designed to be more efficient and effective than ever.

Chevron Corporation 2020 Supplement to the Annual Report 1 financial information

Net income (loss) Financial summary At December 31 attributable to Chevron Corporation Millions of dollars 2020 2019 2018 2017 2016 Billions of dollars Net income (loss) attributable to Chevron Corporation $ (5,543) $ 2,924 $ 14,824 $ 9,195 $ (497) Sales and other operating revenues 94,471 139,865 158,902 134,674 110,215 Cash dividends – common stock 9,651 8,959 8,502 8,132 8,032 Capital and exploratory expenditures 13,499 20,994 20,106 18,821 22,428 Cash flow from operating activities 10,577 27,314 30,618 20,338 12,690 Total cash and cash equivalents 5,596 5,686 9,342 4,813 6,988 Total assets 239,790 237,428 253,863 253,806 260,078 Total debt and finance lease liabilities 44,315 26,973 34,459 38,763 46,126 $( ) Total liabilities 107,064 92,220 98,221 104,487 113,356 Chevron Corporation stockholders’ equity 131,688 144,213 154,554 148,124 145,556 ( ) Share repurchases under approved programs 1,750 4,037 1,750 – –

() Financial ratios* At December 31 2020 2019 2018 2017 2016 Current ratio 1.2 1.1 1.3 1.0 0.9 Interest coverage ratio (8.9) 8.1 23.4 10.7 (2.6) Annual cash dividends Debt ratio 25.2 % 15.8 % 18.2 % 20.7 % 24.1 % Dollars per share Net debt ratio 22.7 % 12.8 % 13.5 % 18.6 % 21.2 % Return on stockholders’ equity (4.0)% 2.0 % 9.8 % 6.3 % (0.3)% Return on total assets (2.3)% 1.2 % 5.8 % 3.6 % (0.2)% $ Cash dividends/net income (payout ratio) (174.1)% 306.4 % 57.4 % 88.4 % (1,616.1)% Cash dividends/cash from operations 91.3 % 32.8 % 27.8 % 40.0 % 63.3 % Total stockholder return (25.7)% 15.2 % (9.8)% 10.5 % 36.4 %

* Refer to page 55 for financial ratio definitions.

Capital employed at year end At December 31 Millions of dollars 2020 2019 2018 2017 2016 Chevron Corporation Stockholders’ Equity 131,688 144,213 154,554 148,124 145,556 Plus: Short-term debt 1,548 3,282 5,726 5,192 10,840 Plus: Long-term debt 42,767 23,691 28,733 33,571 35,286 Plus: Noncontrolling interest 1,038 995 1,088 1,195 1,166 Total capital employed 177,041 172,181 190,101 188,082 192,848

Return on average capital employed Percent Capital employed At December 31 Millions of dollars 2020 2019 2018 2017 2016 Upstream – United States $ 31,497 $ 23,861 $ 29,473 $ 28,918 $ 25,855 – International 112,996 114,341 122,187 126,943 130,900 – Goodwill 4,402 4,463 4,518 4,531 4,581 – Total 148,895 142,665 156,178 160,392 161,336 Downstream – United States 14,169 15,085 14,637 13,543 12,353 – International 10,551 10,816 10,675 11,201 10,758 – Total 24,720 25,901 25,312 24,744 23,111 () All Other 3,426 3,615 8,611 2,946 8,401 Total capital employed $ 177,041 $ 172,181 $ 190,101 $ 188,082 $ 192,848 ()

() Return on average capital employed Year ended December 31 Millions of dollars 2020 2019 2018 2017 2016 Net income (loss) attributable to Chevron Corporation (5,543) 2,924 14,824 9,195 (497) Plus: Interest and debt expense (after-tax) 658 761 713 264 168 Plus: Noncontrolling interest (18) (79) 36 74 66 Net income after adjustments (4,903) 3,606 15,573 9,533 (263) Average capital employed 174,611 181,141 189,092 190,465 192,642 Return on average capital employed (2.8)% 2.0 % 8.2 % 5.0 % (0.1)%

Chevron Corporation 2020 Supplement to the Annual Report 2 financial information

Consolidated statement of income Year ended December 31 Total sales & other operating revenues Millions of dollars 2020 2019 2018 2017 2016 Billions of dollars Revenues and other income Total sales and other operating revenues1 $ 94,471 $ 139,865 $ 158,902 $ 134,674 $ 110,215 Income (Loss) from equity affiliates (472) 3,968 6,327 4,438 2,661 Other income 693 2,683 1,110 2,610 1,596 Total revenues and other income 94,692 146,516 166,339 141,722 114,472 Costs and other deductions Purchased crude oil and products 50,488 80,113 94,578 75,765 59,321 $ Operating expenses2 20,323 21,385 20,544 19,127 19,902 Selling, general and administrative expenses2 4,213 4,143 3,838 4,110 4,305 Exploration expenses 1,537 770 1,210 864 1,033 Depreciation, depletion and amortization 19,508 29,218 19,419 19,349 19,457 Taxes other than on income1 4,499 4,136 4,867 12,331 11,668 Interest and debt expense 697 798 748 307 201 Other components of net periodic benefit costs2 880 417 560 648 745 Total costs and other deductions 102,145 140,980 145,764 132,501 116,632 Income (loss) before income tax expense (7,453) 5,536 20,575 9,221 (2,160) Income tax expense (benefit) (1,892) 2,691 5,715 (48) (1,729) Worldwide Upstream earnings Net income (loss) (5,561) 2,845 14,860 9,269 (431) Billions of dollars Less: Net income (loss) attributable to noncontrolling interests (18) (79) 36 74 66 Net income (loss) attributable to Chevron Corporation $ (5,543) $ 2,924 $ 14,824 $ 9,195 $ (497)

1 2017 and 2016 include excise, value-added and similar taxes of $7,189 million and $6,905 million respectively, collected on behalf of third parties. Begining in 2018, these taxes are netted in “Taxes other than on income” in accordance with ASU 2014-09. 2 2017 and 2016 adjusted to conform to ASU 2017-07.

Earnings by major operating area Year ended December 31 Millions of dollars 2019 2018 2017 2016 2020 () ( ) Upstream – United States $ (1,608) $ (5,094) $ 3,278 $ 3,640 $ (2,054) – International (825) 7,670 10,038 4,510 (483) – Total (2,433) 2,576 13,316 8,150 (2,537) ( ) Downstream – United States (571) 1,559 2,103 2,938 1,307 – International 618 922 1,695 2,276 2,128 United States – Total 47 2,481 3,798 5,214 3,435 International All Other* (3,157) (2,133) (2,290) (4,169) (1,395) Net income (loss) attributable to Chevron Corporation $ (5,543) $ 2,924 $ 14,824 $ 9,195 $ (497) Worldwide Downstream earnings * All Other includes income from worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real Billions of dollars estate activities, and technology companies. Common stock Year ended December 31 2020 2019 2018 2017 2016

Number of shares outstanding at December 31 (Millions) 1,911.0 1,868.0 1,888.7 1,890.5 1,877.3 Weighted-average shares outstanding for the year (Millions) 1,869.6 1,882.1 1,897.2 1,882.4 1,872.3 Per share data Net income (loss) attributable to Chevron Corporation $ – Basic $ (2.96) $ 1.55 $ 7.81 $ 4.88 $ (0.27) – Diluted (2.96) 1.54 7.74 4.85 (0.27) Cash dividends 5.16 4.76 4.48 4.32 4.29 Chevron Corporation Stockholders’ Equity (per share) 68.91 77.20 81.83 78.35 77.53

Employees Year ended December 31 United States Number of employees* 2020 2019 2018 2017 2016 International Employees excluding service station employees 42,628 44,679 45,047 48,596 51,953 Service station employees 5,108 3,476 3,591 3,298 3,248 Total employed 47,736 48,155 48,638 51,894 55,201

* This includes 2,312 employees from the Puma (Australia) acquisition and 1,672 employees from the Noble acquisition.

Chevron Corporation 2020 Supplement to the Annual Report 3 financial information

Ratio of total debt to Consolidated balance sheet At December 31 total debt-plus-Chevron Corporation Millions of dollars 2020 2019 2018 2017 2016 stockholders’ equity Assets Percent Cash and cash equivalents $ 5,596 $ 5,686 $ 9,342 $ 4,813 $ 6,988 Time deposits – – 950 – – Marketable securities 31 63 53 9 13 Accounts and notes receivable, net 11,471 13,325 15,050 15,353 14,092 Inventories: Crude oil and petroleum products 3,576 3,722 3,383 3,142 2,720 Chemicals 457 492 487 476 455 Materials, supplies and other 1,643 1,634 1,834 1,967 2,244 Total inventories 5,848 5,704 5,585 5,419 5,676 Prepaid expenses and other current assets 3,304 3,407 2,922 2,800 3,107 Total current assets 26,078 28,329 34,021 28,560 29,619 Long-term receivables, net 589 1,511 1,942 2,849 2,485 Investments and advances 39,052 38,688 35,546 32,497 30,250 Properties, plant and equipment, at cost 345,232 326,722 340,244 344,485 336,077 Less: Accumulated depreciation, depletion and amortization 188,614 176,228 171,037 166,773 153,891 Properties, plant and equipment, net 156,618 150,494 169,207 177,712 182,186 Total debt at year-end Deferred charges and other assets 11,950 10,532 6,766 7,017 6,838 Billions of dollars Goodwill 4,402 4,463 4,518 4,531 4,581 Assets held for sale 1,101 3,411 1,863 640 4,119 $44.3 Total assets $ 239,790 $ 237,428 $ 253,863 $ 253,806 $ 260,078 Liabilities and equity Short-term debt $ 1,548 $ 3,282 $ 5,726 $ 5,192 $ 10,840 Accounts payable 10,950 14,103 13,953 14,565 13,986 Accrued liabilities 7,812 6,589 4,927 5,267 4,882 Federal and other taxes on income 921 1,554 1,628 1,600 1,050 Other taxes payable 952 1,002 937 1,113 1,027 Total current liabilities 22,183 26,530 27,171 27,737 31,785 Long-term debt* 42,767 23,691 28,733 33,571 35,286 Capital lease obligations – – – 94 93

Deferred credits and other noncurrent obligations 20,328 20,445 19,742 21,106 21,553 Noncurrent deferred income taxes 12,569 13,688 15,921 14,652 17,516 Noncurrent employee benefit plans 9,217 7,866 6,654 7,421 7,216 Total liabilities 107,064 92,220 98,221 104,487 113,356 Common stock 1,832 1,832 1,832 1,832 1,832 Capital in excess of par value 16,829 17,265 17,112 16,848 16,595 Retained earnings 160,377 174,945 180,987 174,106 173,046 Accumulated other comprehensive loss (5,612) (4,990) (3,544) (3,589) (3,843) Deferred compensation and benefit plan trust (240) (240) (240) (240) (240) Treasury stock, at cost (41,498) (44,599) (41,593) (40,833) (41,834) Total Chevron Corporation stockholders’ equity 131,688 144,213 154,554 148,124 145,556 Noncontrolling interests 1,038 995 1,088 1,195 1,166 Total equity 132,726 145,208 155,642 149,319 146,722 Total liabilities and equity $ 239,790 $ 237,428 $ 253,863 $ 253,806 $ 260,078

* Includes finance lease liabilities of $477, $282, $127, $94 and $93 at December 31 for 2020, 2019, 2018, 2017 and 2016 respectively.

Segment assets At December 31 Millions of dollars 2020 2019 2018 2017 2016 Upstream* $ 191,309 $ 186,037 $ 200,973 $ 204,913 $ 211,245 Downstream 39,586 42,152 39,488 40,636 38,080 Total segment assets $ 230,895 $ 228,189 $ 240,461 $ 245,549 $ 249,325 All Other 8,895 9,239 13,402 8,257 10,753 Total assets $ 239,790 $ 237,428 $ 253,863 $ 253,806 $ 260,078

* The company’s goodwill is in the upstream segment and primarily related to the 2005 acquisition of Unocal. $ 4,402 $ 4,463 $ 4,518 $ 4,531 $ 4,581

Chevron Corporation 2020 Supplement to the Annual Report 4 financial information

Consolidated statement of cash flows Year ended December 31 Cash from operating activities compared with Millions of dollars 2020 2019 2018 2017 2016 capital expenditures & Operating activities shareholder distributions Net income (loss) $ (5,561) $ 2,845 $ 14,860 $ 9,269 $ (431) Billions of dollars Adjustments: Depreciation, depletion and amortization 19,508 29,218 19,419 19,349 19,457 Dry hole expense 1,036 172 687 198 489 $ Distributions more (less) than income from equity affiliates 2,015 (2,073) (3,580) (2,380) (1,549) $ Net before-tax gains on asset retirements and sales (760) (1,367) (619) (2,195) (1,149) Net foreign currency effects 619 272 123 131 186 Deferred income tax provision (3,604) (1,966) 1,050 (3,203) (3,835) Net decrease (increase) in operating working capital (1,652) 1,494 (718) 520 (327) Decrease (increase) in long-term receivables 296 502 418 (368) (131) Net decrease (increase) in other deferred charges (248) (69) – (254) 178 Cash contributions to employee pension plans (1,213) (1,362) (1,035) (980) (870) Other 141 (352) 13 251 672 Net cash provided by operating activities 10,577 27,314 30,618 20,338 12,690

Investing activities Stock repurchases Cash acquired from Noble Energy, Inc. 373 – – – – Dividends Capital expenditures (8,922) (14,116) (13,792) (13,404) (18,109) Capital expenditures Proceeds and deposits related to asset sales and Cash from operating activities returns of investment 2,968 2,951 2,392 5,096 3,476 Net maturities of (investments in) time deposits – 950 (950) – – Free cash ﬂow Net sales (purchases) of marketable securities 2 (51) 4 297 35 Billions of dollars Net repayment (borrowing) of loans by equity affiliates (1,419) (1,245) 111 (16) (2,034) Net cash used for investing activities (6,965) (11,458) (12,290) (8,320) (16,370) Financing activities Net borrowings (repayments) of short-term obligations 651 (2,821) 2,021 (5,142) 2,130 Proceeds from issuances of long-term debt 12,308 – 218 3,991 6,924 Repayments of long-term debt and other financing obligations (5,489) (5,025) (6,741) (6,310) (1,584) Cash dividends – common stock (9,651) (8,959) (8,502) (8,132) (8,032) Distributions to noncontrolling interests (24) (18) (91) (78) (63) $ Net sales (purchases) of treasury shares (1,531) (2,935) (604) 1,117 650 Net cash provided by (used for) financing activities (3,736) (19,758) (13,699) (14,554) 25 Effect of exchange rate changes on cash, cash equivalents ( ) and restricted cash (50) 332 (91) 65 (53) Net change in cash, cash equivalents and () restricted cash (174) (3,570) 4,538 (2,471) (3,708) Cash, cash equivalents and restricted cash at January 1 6,911 10,481 5,943 8,414 12,122 Cash, cash equivalents and restricted cash at December 31 $ 6,737 $ 6,911 $ 10,481 $ 5,943 $ 8,414

Free cash flow Year ended December 31 Millions of dollars 2020 2019 2018 2017 2016 Net cash provided by operating activities 10,577 27,314 30,618 20,338 12,690 Less Capital Expenditures 8,922 14,116 13,792 13,404 18,109 Free cash flow $ 1,655 $ 13,198 $ 16,826 $ 6,934 $ (5,419)

Chevron Corporation 2020 Supplement to the Annual Report 5 financial information

Capital & exploratory Capital and exploratory expenditures expenditures* (Includes equity share in affiliates) Year ended December 31 Billions of dollars Millions of dollars 2020 2019 2018 2017 2016 United States Exploration $ 409 $ 832 $ 802 $ 745 $ 925 Production 4,688 7,339 6,318 4,398 3,787 Other Upstream 33 26 8 2 1 Refining 503 1,259 1,097 771 381 Marketing 85 143 94 48 55 $ Chemicals 327 344 287 771 1,011 Other Downstream 106 122 104 66 98 All Other 226 365 243 239 235

Total United States 6,377 10,430 8,953 7,040 6,493 International Exploration 505 570 945 528 527 Production 5,257 9,020 9,550 10,566 14,637 Other Upstream 22 37 34 149 239 All Other Refining 104 210 218 175 115 Downstream Marketing 108 173 139 118 128 Upstream Chemicals 107 112 75 89 132 * Includes equity share in aliates. Other Downstream 1,006 425 179 152 152 All Other 13 17 13 4 5 Total International 7,122 10,564 11,153 11,781 15,935 Worldwide Exploration 914 1,402 1,747 1,273 1,452 Production 9,945 16,359 15,868 14,964 18,424 Other Upstream 55 63 42 151 240 Refining 607 1,469 1,315 946 496 Marketing 193 316 233 166 183 Chemicals 434 456 362 860 1,143 Other Downstream 1,112 547 283 218 250 All Other 239 382 256 243 240 Total Worldwide $ 13,499 $ 20,994 $ 20,106 $ 18,821 $ 22,428 Memo: Equity share of affiliates’ expenditures included above $ 3,982 $ 6,112 $ 5,716 $ 4,743 $ 3,770

1 Exploration expenses Year ended December 31 Millions of dollars 2020 2019 2018 2017 2016 Geological and geophysical $ 180 $ 241 $ 140 $ 184 $ 145 Unproductive wells drilled 1,036 173 686 199 488 Other2 321 356 384 481 400 Total exploration expenses $ 1,537 $ 770 $ 1,210 $ 864 $ 1,033 Memo: United States $ 465 $ 311 $ 797 $ 322 $ 416 International 1,072 459 413 542 617

1 Consolidated companies only. Excludes amortization of undeveloped leaseholds. 2 Includes amortization of unproved mineral interest, write-off of unproved mineral interest related to lease relinquishments, oil and gas lease rentals, and research and development costs.

Chevron Corporation 2020 Supplement to the Annual Report 6 financial information

Properties, plant and equipment Net properties, plant (Includes finance leases) At December 31 & equipment by geographic area Millions of dollars 2020 2019 2018 2017 2016 Billions of dollars Additions at cost Upstream1 $ 24,136 $ 11,415 $ 11,299 $ 12,929 $ 16,516 Downstream 1,211 1,807 1,537 1,213 903 All Other 2 199 333 230 222 204 $ Total additions at cost $25,546 13,555 13,066 14,364 17,623 Depreciation, depletion and amortization expense3 Upstream (17,962) (27,840) (18,054) (17,623) (17,823) Downstream (1,134) (1,125) (1,033) (1,035) (1,288) All Other2 (412) (253) (332) (691) (346) Total depreciation, depletion and amortization expense (19,508) (29,218) (19,419) (19,349) (19,457)

Net properties, plant and equipment at December 31 Upstream4 140,185 133,721 153,129 161,913 165,212 Downstream 14,496 14,512 13,861 13,420 14,290 United States 2 All Other 1,937 2,261 2,217 2,379 2,684 International Total net properties, plant and equipment at December 31 $ 156,618 $ 150,494 $ 169,207 $ 177,712 $ 182,186 Memo: Gross properties, plant and equipment $ 345,232 $ 326,722 $ 340,244 $ 344,485 $ 336,077 Net properties, plant & equipment by function Accumulated depreciation, depletion Billions of dollars and amortization (188,614) (176,228) (171,037) (166,773) (153,891) Net properties, plant and equipment $ 156,618 $ 150,494 $ 169,207 $ 177,712 $ 182,186

1 Net of exploratory well write-offs. 2 All Other is primarily corporate administrative functions, $ insurance operations, real estate activities and technology companies. 3 Depreciation expense includes accretion expense of $560, $628, $654, $668 and $749 in 2020, 2019, 2018, 2017 and 2016, respectively, and impairments of $2,792, $10,797, $735 $1,021 and $3,186 in 2020, 2019, 2018, 2017 and 2016, respectively. 4 Includes net investment in unproved oil and gas properties: $ 6,374 $ 4,025 $ 8,228 $ 9,790 $ 12,249

All Other Downstream Upstream

Chevron Corporation 2020 Supplement to the Annual Report 7 future of energy

enabling human progress Chevron is committed to enabling human progress through its approach to ESG issues

environment social governance

protecting empowering getting results the the environment people right way

Chevron works to deliver the energy People are at the center of everything Chevron cultivates a culture of integrity the world needs while protecting Chevron does. The company’s efforts and believes in doing things the right the environment. The company is include promoting diversity and and responsible way. Below are a actively addressing climate change inclusion, respecting human rights, few examples: and managing water resources. creating prosperity, and contributing y The company’s Board of Directors Below are a few recent examples: to the communities where Chevron is composed of exceptional and y Chevron has invested over $1 billion operates. Examples include diverse individuals with relevant in carbon capture and storage the following: backgrounds who help ensure that projects in Australia and Canada. y Chevron is a founding member in the the company’s decisions and actions At Gorgon, Chevron has sequestered Permian Strategic Partnership (PSP), advance and respond to shareholder more than 4 million tons of CO2, a coalition of energy companies that and stakeholder interests. providing valuable insights and works with regional communities y In 2020, Chevron engaged with experience in designing and to improve local education, shareholders on important ESG operating a commercial-scale housing, health care, transportation topics and issued reports generally carbon storage facility. and workforce development. In aligned with the Sustainability y Chevron is partnering with GS Caltex 2020, despite challenging market Accounting Standards Board, to install 40 electric vehicle rapid conditions, the PSP committed more the Financial Stability Board Task chargers throughout South Korea than $7.5 million to support health Force on Climate-related Financial and to open the first Total Energy care, education and road safety Disclosures and other relevant service station that offers electric across the Permian Basin. standards. Chevron also issued a and hydrogen fueling capabilities in y Chevron enacted a series of social Climate Lobbying Report in 2020 in addition to traditional fuels. investment and support initiatives response to shareholder interest. y More than 99 percent of the water to help communities and nonprofit y Forbes JUST 100 recognizes used in Chevron’s well completions organizations address the COVID-19 companies that are doing right by in the Permian Basin comes from crisis. Examples of this support all their stakeholders – workers, non-fresh and recycled sources. include funding and contributions customers, communities, the of protective equipment for medical environment and shareholders. In responders and providing grants the 2021 Forbes rankings, Chevron to teachers in high-need school earned a top spot and a stakeholder districts for the purchase of tools for seal in the oil and gas sector for the remote learning. Workers and Environment categories. y Chevron is focused on investing in its employees and its culture. Chevron hires, develops and strives to retain critical talent and fosters a culture that values diversity and inclusion and employee engagement, all of which supports the company’s overall objective to deliver industry- leading performance.

Chevron Corporation 2020 Supplement to the Annual Report 8 future of energy

advancing a lower carbon future Chevron is taking action in three areas to position the company for a lower-carbon future

lower carbon increase renewables invest in low-carbon intensity and offsets technologies

cost in support of to enable commercial efficiently Chevron’s business solutions

Chevron believes the world is moving Chevron is advancing opportunities Chevon takes an integrated approach toward a lower-carbon future. The to develop renewable energy and to commercial solutions and company is reducing the carbon carbon offsets to help reduce emissions technology. This includes venture intensity of its operations and assets and make global supply chains more capital investment in technologies by investing in carbon-reduction sustainable. that could be a part of a lower-carbon future. Chevron has committed opportunities and integrating Chevron’s partnership with California $100 million to its Future Fund I, greenhouse gas (GHG) mitigation dairy farmers to capture methane from $300 million to its Future Fund II, and technologies into its operations. their farms announced first production $100 million to the Oil and Gas Climate These efforts enable Chevron to of renewable natural gas (RNG) in Initiative Climate Investments. make progress on a timeline aligned September 2020. In October 2020, with the Paris Agreement. Chevron formed a second partnership Over the last decade, Chevron Chevron’s approach to reducing to produce and market RNG and in has invested more than $1 billion GHG emissions uses an enterprise- February 2021, it announced further in CCUS research, development wide portfolio analysis to generate expansion supporting five new projects and deployment. In 2020, Chevron opportunities. This identified a number in Michigan and Arizona. was awarded funding by the U.S. Department of Energy to pilot of opportunities across the technology Chevron’s lubricants business technology that captures CO spectrum, including projects in the announced in August 2020 the first 2 from key focus areas of energy efficiency, production of 100 percent renewable, post-combustion gas. The technology flare reductions, venting and fugitives high performance base oil from its will be tested at Chevron’s Kern reductions, renewables, and affiliate company. River facility in California, where the carbon capture, utilization and company plans to design, construct, sequestration (CCUS). In July 2020, the company announced commission and test a pilot-scale an agreement to co-develop renewable carbon capture plant. Having achieved its 2023 targets power projects to provide electricity early, Chevron is setting new GHG to strategic assets. Under the four-year In mid-2020, Chevron joined a reduction targets for oil, gas, flaring agreement, Chevron plans to generate consortium with the Singapore and methane to 24, 24, 3 and 2 tons of more than 500 megawatts from National Research Foundation that CO2-equivalent per thousand barrels renewable sources. Initial projects plans to develop the first end-to- oil equivalent, respectively, by 2028. are focused in the U.S. Permian Basin, end decarbonization process in This is expected to reduce Upstream Argentina, Kazakhstan and Singapore. This collaboration is aimed combined oil and gas intensity by Western Australia. at accelerating the development of about 35 percent by 2028, relative a highly integrated, energy-efficient to 2016. CCUS system that can lead to a lower-carbon economy and future commercial developments.

Chevron Corporation 2020 Supplement to the Annual Report 9 upstream deliver industry-leading returns while developing high-value resource opportunities

Photo: Aerial view of a module en route to the purpose-built cargo offloading facility in Kazakhstan. During 2020, TCO continued construction of the FGP/WPMP, including completion of all fabrication and sealift activities and installation of key modules. upstream highlights Chevron’s upstream business has operations in many of the world’s key hydrocarbon basins and a portfolio that provides a foundation for future growth. Utilizing its well factory development strategy, project management expertise, innovative technology, experience in varied operating environments and strong partnership skills, upstream finds and develops resources that help meet global energy demand. business strategies Deliver industry-leading returns while developing high-value resource opportunities by: y Sustaining world-class operational excellence. y High-grading portfolio to deliver industry-leading returns on capital. Exploration areas Production y Delivering enterprise cash and earnings commitments while maintaining highly competitive margins. y Leading the industry in the selection and execution of major capital projects. y Replenishing resources through selective investments in technology, exploration and acquisitions. industry conditions Impacts of the COVID-19 pandemic have resulted in a significant decrease in demand for Chevron’s products and caused a precipitous drop in commodity prices. This has had an adverse effect on Chevron’s financial and operating results. The majority of the company’s equity crude oil production is priced based on the Brent benchmark. The Brent price averaged $42 per barrel for the full-year 2020, compared with $64 in 2019. Crude prices sharply declined at the end of the first and into the second quarter 2020 due to surplus supply as demand decreased following government-imposed travel restrictions and other constraints on economic activity. In the second half of 2020, the supply/demand balance slowly improved, primarily due to production cuts and demand growth, allowing prices to somewhat recover. The WTI price averaged $39 per barrel for the full-year 2020, compared with $57 in 2019. In contrast to price movements for crude oil, prices for natural gas are more closely aligned with seasonal supply-and-demand and infrastructure conditions in regional markets. Fluctuations in the price for natural gas in the United States are closely associated with customer demand relative to the volumes produced in North America. In the United States, prices at Henry Hub averaged $1.98 per thousand cubic feet (MCF) in 2020, compared with $2.53 per MCF in 2019. Outside the United States, price changes for natural gas depend on a wide range of supply, demand and regulatory circumstances. The company’s long-term contract prices for liquefied natural gas (LNG) are typically linked to crude oil prices. Most of the equity LNG offtake from the operated Australian LNG projects is committed under binding long-term contracts, with the remainder to be sold in the Asian spot LNG market. In 2020, Chevron’s international natural gas realizations averaged $4.59 per MCF, compared with $5.83 per MCF in 2019. financial and operational highlights Upstream safety and environment performance in 2020 was strong, with record lows in Severe Tier 1 Loss of Containment (LOC) incidents, combined Tier 1 and 2 LOC incidents, serious injuries, and motor vehicle crashes. Net income (loss) in 2020 of $(2.4) billion decreased when compared with $2.6 billion in 2019. Annual production of 3.08 million oil-equivalent barrels per day was approximately one percent higher than in 2019. Production was higher due to the Noble acquisition, increases from shale and tight properties, and resumption of production from the Partitioned Zone. These increases were offset by curtailed production as a result of government mandates, market conditions, asset sales and base decline. Upstream capital and exploratory expenditures were $10.9 billion in 2020. Asset sales resulted in proceeds of $1.8 billion, including the sale of assets in the Philippines, Azerbaijan, Colombia and Appalachia. In 2021, the upstream capital and exploratory budget is approximately $11.5 billion. Approximately $6.5 billion of planned capital spending is allocated to currently producing assets, including about $2 billion for Permian unconventional development. Approximately $3.5 billion is planned for major capital projects underway, of which 75 percent is associated with the Future Growth Project and Wellhead Pressure Management Project (FGP/WPMP) at Tengizchevroil (TCO) in Kazakhstan. The remaining $1.5 billion is allocated to exploration, early-stage development projects and midstream activities.

Upstream financial and operating highlights (Includes equity share in affiliates) Millions of dollars 2020 2019 Earnings $ (2,433) $ 2,576 Net liquids production (Thousands of barrels per day) 1,868 1,865 Net natural gas production (Millions of cubic feet per day) 7,290 7,157 Net oil-equivalent production (Thousands of barrels per day) 3,083 3,058 Net proved reserves* (Millions of barrels of oil-equivalent) 11,134 11,431 Net unrisked resource base* (Billions of barrels of oil-equivalent) 84 71 Capital and exploratory expenditures $ 10,914 $ 17,824

* Refer to glossary of energy and financial terms for definitions of reserves and resources

Chevron Corporation 2020 Supplement to the Annual Report 11 upstream exploration portfolio additions Chevron’s exploration focus areas comprise the deepwater Gulf of Mexico, Brazil, Eastern Mediterranean, West Africa, Western Australia and shale and tight resource plays across the United States and Argentina. Throughout 2020, the company executed on key exploration initiatives. Notable exploratory and appraisal drilling progressed in the U.S. and Mexico deepwater Gulf of Mexico, pre-salt Brazil and shale and tight programs in the onshore U.S. and Argentina. Due to the global pandemic, lease sale activity around the world was postponed, limiting access to new acreage in 2020. Where opportunity existed in exploration focus areas, the company made several important portfolio additions. As a result of the Noble acquisition in October 2020, additional exploration plays were added to Chevron’s portfolio including four blocks in Canada, two blocks each in Colombia and Egypt and one block in Cyprus.

2020 accomplishments y Added approximately 5 billion barrels of potentially recoverable oil-equivalent resources, and participated in six conventional exploration and appraisal wells. y United States – Awarded 23 blocks in the U.S. Gulf of Mexico from 2020 lease sales. y United States – Continued to core-up the company’s robust position in the Permian Basin through trade and acquisition activities. This portfolio optimization should enable additional long lateral well development and improve portfolio value. y Egypt – Added three owned and operated oil and gas exploration blocks in the Mediterranean Sea and one owned and operated block in the Red Sea, in addition to blocks added via the Noble acquisition. y Mexico – Drilled two exploration wells. y Brazil – Drilled one exploration well. y Argentina - Continued the Vaca Muerta Shale appraisal program in the El Trapial Field and achieved first oil from the shale and tight appraisal campaigns in the El Trapial and Narambuena blocks. 2021 outlook During 2021, the company plans to continue its selective and technology-driven exploration program by investing approximately $750 million in exploration activities around the world. This planned exploration investment supports established exploration operations and furthers the evaluation of positions in areas including the Gulf of Mexico, Brazil, the Eastern Mediterranean and other locations. In 2021, the company plans to drill 25 exploration and appraisal wells worldwide, including eight conventional impact wells. Impact wells are wells that have unrisked gross resource potential of greater than 100 million oil-equivalent barrels. resources and proved reserves

The company’s net unrisked resource base increased from 71 billion oil-equivalent barrels at year- 2020 net unrisked resources by region* end 2019 to 84 billion oil-equivalent barrels at year-end 2020. Continued evaluation of the shale Billions of oil-equivalent barrels and tight asset regions in the U.S. and the Noble acquisition was partially offset by production and divestments. Included in the resource base are 11.1 billion barrels of net proved oil-equivalent reserves at year-end 2020. The Noble acquisition added approximately 1.7 billion oil-equivalent barrels of proved reserves at year-end 2020. The resources are diversified across geographic regions, with 45 percent located in the United States, 10 percent in Australia, 9 percent in Kazakhstan and 7 percent in Nigeria. The company’s resource base is also diversified by type, with liquids representing about 64 percent and natural gas about 36 percent of the total. The company has about 183 trillion cubic feet of unrisked natural gas resources globally, with roughly 40 percent located in Australia and Asia, and is well positioned to supply anticipated growth in Asia-Pacific natural gas demand. base business United States Successful management of the base business is critical to maintaining the company’s crude oil Other Americas and natural gas production. Chevron drives a disciplined approach to managing the business Middle East Eurasia and Europe through targeted investments and proven work processes to minimize decline and downtime while Africa preventing process safety incidents. The company’s assets have been operating reliably, with a Australia 2020 production efficiency of 92 percent. Through a greater focus on data analytics, the company Asia has been able to gain further insights into its performance. Key focus areas for 2021 and beyond are * Refer to page 55 for deﬁnition of resources. pursuing further productivity and efficiency opportunities by utilizing cross-functional integrated operations centers, designing and deploying digital technology solutions and advancing data analytics capabilities.

Chevron Corporation 2020 Supplement to the Annual Report 12 upstream shale and tight resources The development of unconventional oil and gas resources located in shale and tight formations is a key focus area for Chevron. The company has a significant shale and tight resource position, including legacy acreage in the Permian Basin and Denver-Julesburg (DJ) Basin in the U.S., as well as newer positions in Argentina and Canada. Chevron follows a factory development strategy, which utilizes multiwell pads to drill a series of horizontal wells that are completed concurrently using hydraulic fracture stimulation. The company is also applying data analytics and technology to drive improvements in identifying well targets, in drilling and completions and in production performance. The company shares best practices and lessons learned across all of the shale and tight asset teams, resulting in improved well execution performance and lower development and operating costs. In 2020, shale and tight resource highlights include: y Leveraged the flexibility of the Permian assets while continuing to drive operational efficiencies. y Added high-quality acreage positions in the DJ Basin, Reeves County (Delaware Basin) and Eagle Ford. y Achieved first production from the shale appraisal program in the El Trapial and Narambuena fields in Argentina. y Continued development activities in the Loma Campana concessions in the Vaca Muerta Shale with 17 horizontal wells drilled during the year. y Continued factory model development of the Duvernay Shale with 34 wells tied into production facilities.

Shale and tight resources – key areas At December 31 Net acreage Location Basin or play (Thousands of acres) Argentina Vaca Muerta 227 Canada Duvernay 192 United States Permian (Delaware Basin) 1,300 United States Permian (Midland Basin) 500 United States Haynesville 70 United States DJ Basin 327 United States Eagle Ford 35 major capital projects Chevron continues to invest in major capital projects that play a significant role in developing resources into reserves and sustaining the company’s production growth.

2020 accomplishments y Australia – Progressed front-end engineering and design (FEED) activities for the Jansz-Io Compression Project. y Australia – Completed the drilling and completion work scope for the Gorgon Stage 2 project. y Canada – Continued ramp-up of Hebron, with a total of 20 wells online by the end of 2020. y Kazakhstan – Continued construction of the FGP/WPMP at Tengizchevroil (TCO), including delivery of all process and utility modules to the site and setting key modules on foundations. The project was approximately 81 percent complete at year-end 2020. y Kurdistan Region of Iraq – Achieved first production from the Sarta Phase 1A project in November 2020. y United Kingdom – Continued ramp-up of Clair Ridge, with three additional wells completed during 2020. y United States Gulf of Mexico – Progressed the St. Malo Stage 4 waterflood and the Jack/St. Malo multiphase subsea pump projects. y United States Gulf of Mexico – Continued construction in South Korea for the Mad Dog 2 facility. y United States Gulf of Mexico – Advanced construction on the Anchor project. y United States Gulf of Mexico – Progressed FEED for the Whale project. y United States Gulf of Mexico – Continued ramp-up of Big Foot, with one additional well coming online in September 2020. 2021 outlook y Australia – Reach a final investment decision for the Jansz-Io Compression Project. y Australia – Progress pipe lay and offshore installation for the Gorgon Stage 2 project. y Kazakhstan – Continue construction of the FGP/WPMP at TCO. y United States Gulf of Mexico – Advance construction on the Anchor project. y United States Gulf of Mexico – Initiate FEED activities for the Ballymore project. y United States Gulf of Mexico – Reach a final investment decision for the Whale project.

Chevron Corporation 2020 Supplement to the Annual Report 13 upstream

The projects in the table below are considered the most significant in Chevron’s development portfolio and have either commenced production or are in the detailed design or construction phase. Each project has an estimated project cost of more than $500 million, Chevron share.

Major capital projects Facility design capacity1 Ownership Liquids Natural gas Year of start-up2/location Project percentage Operator (MBPD) (MMCFPD) 2020-2023 Australia Gorgon Stage 2 47.3 Chevron Maintain capacity Kazakhstan TCO Future Growth Project (FGP) 50.0 Affiliate 2603 – TCO Wellhead Pressure Management Project (WPMP) 50.0 Affiliate Maintain capacity United States Mad Dog 2 15.6 Other 140 – St. Malo Stage 4 Waterflood 51.0 Chevron Maintain capacity 2024+ Australia Jansz-lo Compression 47.3 Chevron Maintain capacity Nigeria Bonga SW/Aparo 16.6 Other 150 180 United States Anchor 75.4/62.94 Chevron 75 28 Whale 40.0 Other 100 200

1 MBPD – thousands of barrels per day; MMCFPD – millions of cubic feet per day. 2 Start-up timing for nonoperated projects per operator’s estimate. 3 Represents expected total daily production. 4 Represents 75.4% interest in the northern unit area and 62.9% interest in the southern unit area. production outlook The company estimates that over the next three years, depending on market conditions, production Projected net production at $50/bbl will grow modestly, despite the expiration of contracts in Indonesia in 2021 and Thailand in 2022. (MMBOED) Further production growth is expected by 2025 as the Permian, other unconventional fields and FGP/ WPMP ramp up. The Permian Basin alone is forecasted to reach one million barrels of oil-equivalent production per day in 2025. Chevron’s focus on mitigating base business decline rates continues with efforts including infill wells, workovers, brownfield tiebacks and other optimization strategies. This outlook for future production levels is subject to many factors and uncertainties, including, among other things, production quotas or other actions that might be imposed by governments; OPEC and coordinating countries; sanctions; price effects on entitlement volumes; changes in fiscal terms or restrictions on the scope of company operations; delays in the construction, start-up or ramp-up of projects; fluctuations in demand for natural gas and crude oil; weather conditions; public health crises, such as pandemics (including COVID-19); delays in completion of maintenance turnarounds; greater-than-expected declines from mature fields; potential asset divestments; or other disruptions to operations. Adjusted

2020 normalized to $50/bbl based on 20 MBOED per $10/bbl sensitivity. Forecast includes the eect of expected asset sales in the public domain, primarily North West Shelf, and Thailand/Indonesia contract expirations.

Chevron Corporation 2020 Supplement to the Annual Report 14 upstream

New United States Mexico Chevron’s portfolio in the United States encompasses a diverse Texas group of assets primarily located in the midcontinent region, New Mexico the Gulf of Mexico, California and Colorado. The company was one of the largest liquids producers in the United States in 2020. Net daily oil-equivalent production averaged 1.06 million barrels, representing 34 percent of the companywide total.

Midcontinent In 2020, the net daily production from Chevron and Noble assets Texas in the midcontinent region averaged 342,000 barrels of crude oil, 1,249 million cubic feet of natural gas and 179,000 barrels of natural gas liquids (NGLs) (a combined 652,000 barrels of oil-equivalent per day attributable to Chevron in 2020). The company is improving performance by optimizing factory development execution, Mexico operational activities, portfolio strategy and global value chain Delaware Basin Midland Basin integration.

Permian Basin The company’s most significant holdings in the midcontinent region are in the Permian Basin located in West Texas and southeast New Mexico. Chevron has been active in the Permian since 1920 and has one of the largest net acreage positions in the basin, totaling Eagle Ford approximately 2.2 million net acres (8,903 sq km). Approximately 75 percent of its leases in the Permian Basin have either low or no royalty payments, providing a substantial competitive advantage. The Permian is composed of several sub-basins, including the Chevron interest Midland and Delaware basins, which hold significant shale and tight resources for development, as well as resources that can be developed with conventional methods. Environmental and social Chevron’s midcontinent business has established strategies to Chevron is one of the largest producers in the Permian Basin. proactively address greenhouse gas emissions, water use and In 2020, net daily unconventional production from Chevron and community matters. Noble assets averaged 303,000 barrels of crude oil, 983 million cubic feet of natural gas and 154,000 barrels of NGLs (a combined In 2020, the company advanced its emissions reduction through 574,000 barrels of oil-equivalent per day attributable to Chevron in top-tier flaring minimization and increased use of natural gas and 2020). Conventional production averaged 20,000 barrels of crude oil, grid power in its operations. Chevron is also developing renewable 51 million cubic feet of natural gas and 4,000 barrels of NGLs in 2020. power projects in West Texas and southeast New Mexico as part of the agreement signed in July 2020 to provide 500-megawatts of With the acquisition of Noble in October 2020, Chevron’s premier electricity from renewable sources. In addition, more than 99 percent position in the Permian is strengthened by an additional 92,000 of the water used in Chevron’s well completions in the Permian Basin contiguous and adjacent net acres (372 sq km) in Reeves County, came from non-fresh and recycled sources, with 29 percent recycled. Texas, that produced an average of 59,000 barrels of oil-equivalent In continued support of local infrastructure and community needs, per day in 2020 (full-year basis). the PSP committed more than $7.5 million to support health care, education and road safety in 2020.

Chevron Corporation 2020 Supplement to the Annual Report 15 upstream

Shale and tight resources efficiencies with lateral feet drilled per rig doubling in 2020 relative to The company holds approximately 1.8 million net acres (7,284 sq km) 2018. Following production curtailments during the second quarter of shale and tight resources in the Midland (approximately 2020, Permian production during the second half returned to similar 500,000 net acres [2,023 sq km]) and Delaware (approximately levels of early 2020. 1.3 million net acres [5,261 sq km]) basins in the Permian. As part Chevron also holds shale and tight resource opportunities in the of the Noble purchase, Chevron acquired contiguous and adjacent Piceance Basin in northwestern Colorado. acreage in the Permian, which supports efficient development and cost savings. Chevron’s acreage is positioned to deliver significant Other midcontinent resources long-term growth for Chevron due to the presence of multiple The Noble acquisition brings an additional 35,000 net acres stacked formations that enable production from several layers of (142 sq km) of mature assets in the Eagle Ford Shale that produced rock in different geologic zones. 40,000 barrels of oil-equivalent per day in 2020 (full-year basis). In addition to company-operated development, Chevron has a strong Chevron also holds approximately 70,000 net acres (283 sq km) nonoperated joint-venture and royalty portfolio that drives enhanced in the Haynesville Shale in East Texas. Low transportation cost and value. Permian unconventional production is expected to reach one proximity to the Gulf Coast position the Haynesville resource as a million oil-equivalent barrels per day in 2025. competitive, reliable and long-term source of gas supply. In response to market conditions in the first half of 2020, Chevron Chevron actively manages declines in its conventional oil and gas leveraged the flexibility of its Permian assets by making disciplined assets in the midcontinent region, including in its approximately choices to balance short-term cash flow while preserving long-term 360,000 net acres (1,457 sq km) in the Central Basin Platform of value. In March 2020, the company announced a capital reduction the Permian Basin. The company continues to manage the base of nearly $2 billion in the Permian. The company safely reduced conventional assets through enhanced recovery methods and its operated rig count from 17 to four over a short three-month operational optimization, as well as by actively evaluating the period. Despite the activity ramp-down, Chevron continued to drive unconventional potential of these assets.

transforming well stimulation design

Chevron developed and deployed novel economic stimulation design solutions that maximize effective stimulation of shale and tight rock Business units with shale and tights assets collaborated cross- functionally to strategically test and implement the following solutions and practices in order to maximize well results: y Advanced modeling and innovative laboratory tests were utilized for integrated learning of fluid and proppant dynamics in horizontal wellbores and shale stimulation. y Innovative designs were developed and implemented, including optimum perforation orientation, unsorted broad range mesh sand, lower proppant to fluid ratio, counter sand pumping sequence and low-viscosity stimulation fluid.

Photo: Chevron is improving well productivity and reducing development cost with innovative well stimulation designs.

Chevron Corporation 2020 Supplement to the Annual Report 16 upstream

Gulf of Mexico Mississippi Alabama

During 2020, net daily production in the Gulf of Mexico averaged Texas Louisiana Pascagoula 175,000 barrels of crude oil, 96 million cubic feet of natural gas and Houston New Orleans 11,000 barrels of NGLs. As of early 2021, Chevron has an interest in 267 leases in the Gulf of Mexico, 247 of which are located in water depths greater than 1,000 feet (305 m). At the end of 2020, the Petronius company was the second-largest leaseholder in the Gulf of Mexico. Ballymore

Tubular Blind Deep Water Shelf Bells Faith Average net daily production in 2020 was 175,000 barrels of crude Esox oil, 89 million cubic feet of natural gas and 11,000 barrels of NGLs, Deep Water Stampede Anchor Tahiti Mad Dog primarily from the Jack/St. Malo and Tahiti fields, the Perdido Caesar - Regional Development, and the Caesar/Tonga, Big Foot, Tubular Tonga Big Foot Gulf of Mexico Bells, Blind Faith and Mad Dog fields. St. Malo Whale Jack

Jack/St. Malo Chevron has a 50 percent interest in the Jack Field and Perdido Regional a 51 percent interest in the St. Malo Field. Both fields are company Development operated and are located in the Walker Ridge area. The company Highlighted Chevron activity Potential tieback opportunities Discoveries has a 40.6 percent interest in the production host facility, which is designed to accommodate production from the Jack/St. Malo development as well as operated and third-party tiebacks. Total net Mad Dog Chevron has a 15.6 percent nonoperated working interest daily production from the Jack and St. Malo fields in 2020 averaged in the Mad Dog Field. In 2020, net daily production averaged 57,000 barrels of liquids and 9 million cubic feet of natural gas. 9,000 barrels of liquids and 1 million cubic feet of natural gas. Additional development opportunities for the Jack and St. Malo fields The next development phase, the Mad Dog 2 Project, is developing progressed with the final Stage 3 development well completed in the southwestern extension of the Mad Dog Field. The development May 2020. Total potentially recoverable oil-equivalent resources plan includes a new floating production platform with the capacity are estimated to exceed 500 million barrels for the Jack and to produce up to 140,000 barrels of crude oil per day. Drilling St. Malo fields over an estimated production life of 30 years. The progressed as planned, and the floating production unit left South company continues to study advanced drilling, completion and Korea in February 2021. First oil from the Mad Dog 2 Project is other production technologies that could be employed in future expected in 2022. development phases, with the potential to increase recovery from The total potentially recoverable oil-equivalent resources for Mad these fields. Dog 2 are estimated to exceed 500 million barrels. Proved reserves The St. Malo Stage 4 waterflood project includes two new production have been recognized for the Mad Dog 2 Project. wells, three injector wells and topsides water injection equipment at the St. Malo field. The first production well was spud in July. First injection is expected in 2023, leading to Chevron’s first waterflood project in the Wilcox trend. The Stage 4 multiphase subsea pump project replaces the existing single-phase subsea pumps with multiphase subsea pump systems in both the Jack and the St. Malo fields, designed to lower the bottom hole flowing pressures, increase production rates and improve ultimate recovery. Progress during 2020 included beginning pump module installation. Proved reserves have been recognized for the multiphase subsea pump project.

Photo: Mad Dog 2 project floating production unit. First oil from the Mad Dog 2 Project is expected in 2022.

Chevron Corporation 2020 Supplement to the Annual Report 17 upstream

Big Foot Chevron has a 60 percent-owned and operated interest in Tahiti Chevron has a 58 percent-owned and operated interest in the the Big Foot Project, located in the Walker Ridge area. In 2020, net Tahiti Field. In 2020, net daily production averaged 39,000 barrels daily production averaged 14,000 barrels of liquids and 2 million of crude oil, 17 million cubic feet of natural gas and 2,000 barrels of cubic feet of natural gas. The project has an estimated production NGLs. The Tahiti Field has an estimated remaining production life of life of 35 years and a design capacity of 75,000 barrels of crude oil more than 20 years. and 25 million cubic feet of natural gas per day. Development drilling Progress continued on the Tahiti Upper Sands Project, which includes activities are ongoing, with the third production well coming online topsides facility enhancements to process high gas rates, with in September 2020. An additional well is expected to come online start-up anticipated in third quarter 2021. Proved reserves have in third quarter 2021. Total potentially recoverable oil-equivalent been recognized for this project. resources are estimated to exceed 200 million barrels.

Stampede Chevron has a 25 percent nonoperated working interest in the Stampede Field, which is located in the Green Canyon area. In 2020, total daily net production averaged 7,000 barrels of liquids and 2 million cubic feet of natural gas. Production ramp-up continued in 2020, with the final producing well completed in March 2020. The field has an estimated production life of 30 years.

continued digital transformation of Chevron’s operations

In 2020, Chevron continued to transform the way the company manages its assets using digital tools for operations and project support. Key accomplishments include: y Began piloting a greenhouse gas monitoring tool at the Pascagoula refinery that allows facilities to evaluate impacts of different operational modes and pursue lower-carbon solutions. y Scaled a heat exchanger monitoring tool to improve heat exchanger performance across 10 business units globally. y Implemented condition-based monitoring of electrical assets at Tengiz and enabling remote access to operations and event logs to help identify and prevent power issues at Big Foot, Mafumeira Sul and other key assets. y Deployed predictive flow models to help Indonesia avoid oil congealment in pipelines and improve returns. y Developed new offshore platform monitoring tools in the Gulf of Mexico, including a new hurricane impact assessment tool to compare forecasts to design conditions. y Transformed Chevron’s engineering standards from documents into digital knowledge assets enables better workflows for design, fit-for-purpose packaging of specifications for projects, and new analytical capabilities for enhancing compliance, managing changes and applying lessons learned to ensure competitiveness and predictability. Photo: Chevron leverages digital tools to transform its operations and facilities.

Chevron Corporation 2020 Supplement to the Annual Report 18 upstream

long-distance tieback technology improves competitiveness of Chevron’s deepwater assets

In 2020, Chevron continued to push the boundaries in its long-distance tieback program by advancing technology to support current and future assets around the globe: y Executed the world’s first full-scale string test of a subsea multiphase compressor and adjustable speed drive expected to enable minimum facilities solutions in Australia. y Continued efforts to manufacture and test subsea multiphase pumps, which are planned to be deployed at Jack/St. Malo and Anchor. These efforts are expected to increase recovery over a wider range of flow conditions. y Delivered new electrical equipment to Lianzi to maintain reliable operation of the direct electric heated flowline. y Continued qualification of high-pressure, high-temperature subsea equipment to develop deepwater Gulf of Mexico

assets, with the potential to enable future high-pressure, Photo: Efforts to enhance recovery at the Jack/St. Malo field include long distance high-temperature long-distance tiebacks. tieback technology advancements.

Anchor The Anchor Field is located in the Green Canyon area, Ballymore Chevron is the operator of the Ballymore Field, a approximately 140 miles (225 km) off the coast of Louisiana, in water 60 percent-owned field located in the Mississippi Canyon area, depths of approximately 5,000 feet (1,524 m). Chevron operates approximately 75 miles (120 km) off the coast of Louisiana and and holds a 75.4 percent interest in the northern unit area and a 3 miles (5 km) from Chevron’s Blind Faith Platform, in a water 62.9 percent interest in the southern unit area. Stage 1 of the Anchor depth of 6,536 feet (1,992 m). After a successful appraisal program, development consists of a seven-well subsea development and a Chevron generated alternatives, aligned on a development plan, and semi-submersible floating production unit. The planned facility has is planning to enter FEED in second quarter 2021. At the end of 2020, a design capacity of 75,000 barrels of crude oil and 28 million cubic proved reserves had not been recognized for this project. feet of natural gas per day. This project will utilize an ultra-deepwater Whale Chevron has a 40 percent nonoperated working interest in offshore drillship, capable of handling pressures of 20,000 psi in the Whale discovery in the Perdido area, located about 200 miles the Anchor Field, which also enables access to other high-pressure (322 km) southwest of Houston, Texas. FEED activities continued in resource opportunities across the Gulf of Mexico. Development work 2020, and a final investment decision is expected second-half 2021. continued during 2020 with construction of the drillship, acquisition At the end of 2020, proved reserves had not been recognized for of ocean bottom node seismic data, detailed engineering, equipment this project. procurement and commencement of fabrication for the production facilities. The total potentially recoverable oil-equivalent resources Exploration During 2020, the company participated in three for Anchor are estimated to exceed 420 million barrels. At the end of deepwater wells: two exploration and one appraisal well. The 2020, no proved reserves were recognized for this project. company plans to continue drilling exploration wells in the deepwater Gulf of Mexico during 2021. In February 2020, the first well in the Esox prospect within the Mississippi Canyon Block 726 in the deepwater Gulf of Mexico was tied into the Tubular Bells production facility. Chevron holds a 21.4 percent nonoperated working interest in the Esox prospect. In March 2020, Chevron added 15 blocks in a U.S. Gulf of Mexico lease sale. Chevron was also awarded eight blocks from a November 2020 U.S. Gulf of Mexico lease sale. These leases include a total acreage of approximately 132,000 net acres.

Shelf Average 2020 net daily production from the Gulf of Mexico shelf, where Chevron holds nonoperated interests in several fields, was 7 million cubic feet of natural gas. Photo: Construction of the 20,000 psi ultra-deepwater drillship continued in 2020.

Chevron Corporation 2020 Supplement to the Annual Report 19 upstream

Chevron invests in a lower-carbon future

In 2020, Chevron continued to collaborate with companies developing emerging technologies that have the potential to improve Chevron’s core business Chevron completed a pre-FEED feasibility and design study of a 10,000 ton-per-year carbon capture unit at one of Chevron’s California facilities in March 2020. In June, FEED for a field trial was initiated and gained government funding support, and is expected to be commissioned in 2022. The partner company’s technology offers commercially viable

ways to capture large-scale CO2 emissions from existing

infrastructure, enabling enterprises to cut capital cost and Photo: Chevron is partnering with a company to explore carbon capture reduce energy requirements. opportunities in California.

Colorado Wyoming Chevron has 327,000 net acres (1,323 sq km) in Colorado’s DJ Chevron has 181,000 net acres (732 sq km) in the Powder River and Basin with current development in two core areas: Wells Ranch and Green River basins of Wyoming. Mustang. Row development with integrated pipeline infrastructure in the Mustang area improves both cycle times and capital efficiency, California and Chevron’s integrated development plan provides an opportunity In 2020, Chevron was one of the largest producers in California with to efficiently develop these resources. In 2020, net daily oil-equivalent net daily oil-equivalent production of 104,000 barrels, primarily production was 148,000 barrels, composed of 98,000 barrels of composed of 102,000 barrels of crude oil and 12 million cubic feet liquids and 301 million cubic feet of natural gas (a combined of natural gas. 36,000 barrels of oil-equivalent attributable to Chevron in 2020). In the Mustang area, 56 wells have been drilled using utility electric Coalinga power since 2019. Facility design and electrification have removed California produced water tanks, oil rejection tanks and burners, significantly San Ardo San Joaquin reducing the surface footprint and greenhouse gas emissions. Valley

Lost Hills North Dakota Kern River Montana

Cymric and Bakersﬁeld McKittrick

Midway Sunset Wyoming South Dakota Chevron activity highlight Crude oil ﬁeld

Green River Basin Chevron has a 99 percent-owned and operated interest in leases Powder River covering most of the Kern River Field. In addition, the company Basin operates leases in the Cymric Field (100 percent-owned), McKittrick Field (98 percent-owned) and the Midway Sunset Field (95 percent-

Nebraska owned). Chevron also operates and holds interests in the San DJ Basin Ardo, Coalinga and Lost Hills fields. The company’s expertise in steamflood operations has resulted in approximately 60 percent crude oil recovery of in-place volume at the Kern River Field. Chevron Weld East Pony continues to leverage heat management capabilities in the recovery

Utah of these hydrocarbons, with emphasis on improved energy efficiency Wells Ranch through new technology and processes. In April 2020, Chevron commissioned a 29-megawatt solar plant that is expected to supply Colorado approximately 80 percent of the power needs at the Lost Hills Field. Mustang Kansas Appalachian Basin Chevron interest Chevron sold its acreage, wells and midstream assets in the Marcellus and Utica Shale areas in November 2020.

Chevron Corporation 2020 Supplement to the Annual Report 20 upstream

Hebron Chevron holds a 29.6 percent nonoperated working interest Other Americas in the Hebron Field development. Net daily crude production In Other Americas, the company is engaged in upstream activities continued to ramp up during the year, averaging 41,000 barrels in in Argentina, Brazil, Canada, Colombia, Mexico, Suriname and 2020. A total of 20 wells were on line by the end of 2020. This heavy Venezuela. Net daily oil-equivalent production of 208,000 barrels oil field has an expected economic life of 30 years. during 2020 in these countries represented 7 percent of the companywide total.

Canada Chevron has interests in an oil sands project and shale acreage in the province of Alberta; exploration, development and production projects offshore the province of Newfoundland and Labrador in the Atlantic region; shale acreage in British Columbia; and discovered resource interests in the Beaufort Sea region of the Northwest Territories. Net daily production in 2020 from Canadian operations was 78,000 barrels of crude oil, 6,000 barrels of condensate and natural gas liquids, 126 million cubic feet of natural gas and 54,000 barrels of synthetic oil from oil sands.

Beaufort Sea Northern Canada Exploration Greenland Canada Northwest Territories

Liard Horn River Hudson Photo: Chevron holds a 29.6 percent nonoperated working interest in the Hebron Field Bay AOSP heavy oil field development. British Newfoundland Alberta EL-1145 Columbia & Labrador EL-1146 Kitimat EL-1148 LNG Duvernay EL-1149 Western Canada Hebron Athabasca Oil Sands Project (AOSP) The company holds a Hibernia United States Terra Nova 20 percent nonoperated working interest in the AOSP near Fort Flemish Pass Basin McMurray, Alberta. Oil sands are mined from both the Muskeg River

Chevron activity highlight Oil sands Crude oil ﬁeld and the Jackpine mines. Bitumen is extracted from the oil sands and transported by pipeline to the Scotford Upgrader near Edmonton, Alberta, where it is upgraded into synthetic oil using hydroprocessing

technology. CO2 emissions from the upgrader are reduced by the Atlantic Canada Quest carbon capture and storage facilities. In 2020, average net Hibernia Chevron holds a 26.9 percent nonoperated working interest daily synthetic oil production was 54,000 barrels, and carbon in the Hibernia Field. Chevron also has a 23.7 percent nonoperated intensity was reduced by capturing 188,000 net tons of CO2 through working interest in the unitized Hibernia Southern Extension areas of Quest. Total CO2 captured through Quest since inception in 2015 is the Hibernia Field that have been developed with a subsea tieback to approximately 1.2 million net tons. the Hibernia Platform. Average net daily crude oil production in 2020 was 23,000 barrels. Duvernay Shale The company holds 192,000 net acres (777 sq km) in the Duvernay Shale in Alberta. Chevron has a 70 percent-owned Exploration Chevron holds a 50 percent-owned and operated and operated interest in most of its Duvernay shale acreage. The interest in Flemish Pass Basin Block EL 1138, with 339,000 net acres Duvernay is poised for growth with access to premium Canadian (1,374 sq km). The company also holds 25 percent nonoperated condensate markets, and a factory model development pace will be working interests in EL 1145, EL 1146 and EL 1148 and a 40 percent driven by well and execution performance. A total of 203 wells have nonoperated working interest in EL 1149. These nonoperated licenses been tied into production facilities by early 2021 with the expectation hold 681,000 net acres (2,756 sq km). that the well count will increase by up to 50 percent by early 2024. The current infrastructure supports the increased production from these additional wells. In 2020, net daily production averaged 19,000 barrels of condensate and natural gas liquids and 117 million cubic feet of natural gas. Kitimat LNG Chevron holds a 50 percent-owned and operated interest in the Kitimat LNG and Pacific Trail Pipeline projects and a 50 percent operated interest in upstream resource assets in the Liard and Horn River shale gas basins in British Columbia. Efforts are underway to evaluate strategic alternatives for these projects, including divestment scenarios.

Chevron Corporation 2020 Supplement to the Annual Report 21 upstream

Mexico Loma Campana Nonoperated development activities continued in the first quarter 2020 at the Loma Campana concession in the Vaca The company owns and operates a 33.3 percent interest in Block 3 Muerta Shale, with four rigs. In April 2020, drilling and completion in the Perdido area of the Gulf of Mexico. The block covers activity was halted due to mandatory social isolation implemented 139,000 net acres (562 sq km). Seismic interpretation progressed by the government due to the COVID-19 pandemic. Completion in 2020 for potential exploration drilling in future years. activity resumed in fourth quarter 2020 with drilling activity planned The company also owns and operates a 37.5 percent interest in to re-start in first quarter 2021. During 2020, 17 horizontal wells were Block 22, which covers 267,000 net acres (1,081 sq km) in the drilled. This concession expires in 2048. deepwater Cuenca Salina area of the Gulf of Mexico. Reprocessing El Trapial The company utilizes waterflood operations to mitigate of 3-D seismic data continued in early 2020 for further seismic declines at the operated El Trapial Field and continues to evaluate interpretation and exploration well planning. the potential of the Vaca Muerta Shale with an eight-well appraisal Chevron also holds a 40 percent nonoperated interest in Blocks 20, program. Drilling activity completed in third quarter 2020, and first 21 and 23 in the Cuenca Salina area in the deepwater Gulf of Mexico. oil was achieved in October 2020. Chevron expects to complete the These three blocks cover approximately 589,000 net acres (2,385 appraisal program in second quarter 2021. Pending results of this sq km). Drilling of two exploration wells was completed in April and appraisal program, a development drilling campaign may begin in June 2020. 2022. The El Trapial concession expires in 2032. Narambuena Evaluation of the nonoperated Narambuena Block United United States continued with a four-well appraisal program in 2020, with first oil States Mexico achieved in November 2020. The company expects to complete the appraisal program in second quarter 2021. Pending results of this appraisal program, a development drilling program may begin Block 3 in 2022.

Ciudad Victoria

Block 20 Mexico Block 21 Block 23

Block 22

Veracruz

Chevron activity highlight

Argentina Chevron holds a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta Shale covering 73,000 net acres (295 sq km). Chevron owns and operates a 100 percent interest in the El Trapial Field, covering 111,000 net acres (450 sq km), with both conventional production and Vaca Muerta Shale potential. During 2020, net daily production in Argentina averaged 21,000 barrels of crude oil and 24 million cubic feet of natural gas.

Brazil Argentina First oil from an appraisal program in the Narambuena Block was achieved in Uruguay Argentina Photo: November 2020.

El Trapial Narambuena Loma del Molle Norte Atlantic Ocean Exploration Chevron has a 90 percent-owned and operated interest Loma Campana with a four-year exploratory concession in the Loma del Molle Norte Block consisting of 43,000 net acres (174 sq km). The Loma del Molle Norte Block is located to the west of and adjacent to the Chevron activity highlight El Trapial concession. Chevron is awaiting government approval of the exploration license.

Chevron Corporation 2020 Supplement to the Annual Report 22 upstream

Brazil Colombia During 2020, net daily production in Brazil averaged 6,000 barrels of In April 2020, the company completed the sale of its interests in the crude oil and 1 million cubic feet of natural gas. offshore Chuchupa and onshore Ballena natural gas fields. In February 2020, the company initiated the process to sell its Chevron holds a 40 percent-owned and operated working interest 37.5 percent nonoperated interest in the Papa-Terra oil field. in more than 800,000 net acres (3,237 sq km) offshore Colombia, located in two blocks, Colombia-3 and Guajira Offshore-3. Exploration Chevron holds interests in 11 exploration blocks covering a total of 824,000 net acres (3,300 sq km). Exploration activities continued in 2020. Chevron holds a 40 percent-owned and operated interest in three blocks, S-M-764 and S-M-766 in the Santos Basin and C-M-845 in the Block Col-3 Caribbean Sea Campos Basin. Block GUA OFF-3 Chevron also holds nonoperated interest in eight blocks. The company holds four blocks in the Campos Basin with 40 percent Caracas Boscan Loran LL-652 interest (C-M-791, C-M-821, C-M-823 and C-M-825) and two blocks Block 42 with 35 percent interest (C-M-713 and C-M-659). The other two Huyapari Carabobo 3 nonoperated blocks, Saturno with 45 percent interest and Três Marias with 30 percent interest, are located in the Santos Basin. Venezuela Guyana Colombia Seismic data acquisition and environmental studies have been Suriname initiated. One exploration well was drilled in Saturno in second Chevron activity highlight quarter 2020.

Brazil Suriname

Brazil Chevron holds a 33.3 percent nonoperating working interest in Block 42 offshore Suriname. The deepwater exploration block Argentina covers approximately 500,000 net acres (2,057 sq km). Exploration

Rio de Janeiro activities continued during 2020 and the partnership is currently in Papa-Terra the second exploration phase, which ends in September 2021 with an São Paulo C-M-659 option for a third exploration phase. C-M-713 Saturno Chevron, along with the operator, relinquished the Block 45 contract C-M-791 area in September 2020 with no further obligations. Três Marias C-M-825 S-M-764 C-M-823 C-M-821 Venezuela S-M-766 C-M-845 Chevron’s interests in Venezuela are located in western Venezuela Atlantic Ocean and the Orinoco Belt. At the end of 2020, no proved reserves were recognized for these interests. Petropiar Chevron holds a 30 percent interest in Petropiar, which Chevron activity highlight operates the heavy oil Huyapari Field under an agreement expiring in 2033. Petroboscan Chevron holds a 39.2 percent interest in Petroboscan, which operates the onshore Boscan Field in western Venezuela under a contract expiring in 2026. The company also holds a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo under a contract expiring in 2026, and a 34 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt. The Petroindependencia contract expires in 2035. Loran Chevron operates and holds a 60 percent interest in Block 2 offshore Venezuela that is part of a cross-border field that includes the Manatee Field in Trinidad and Tobago. This license expires in 2039.

Chevron Corporation 2020 Supplement to the Annual Report 23 upstream

Angola LNG Africa The Angola LNG plant has the capacity to process 1.1 billion cubic In Africa, the company is engaged in upstream activities in Angola, feet of natural gas per day. This is the world’s first LNG plant supplied Cameroon, Equatorial Guinea, Nigeria and the Republic of Congo. with associated gas, where the natural gas is a byproduct of crude oil Net daily oil-equivalent production in this region was 387,000 barrels production. Feedstock for the plant originates from multiple fields and during 2020, representing 13 percent of the companywide total. operators. During 2020, New Gas Consortium shareholders continued work toward developing nonassociated gas in offshore Angola, which Angola is expected to supply the Angola LNG plant. Total daily production in The company operates and holds a 39.2 percent interest in Block 0, 2020 averaged 787 million cubic feet of natural gas (287 million net) a concession adjacent to the Cabinda coastline, and a 31 percent and 29,000 barrels of liquids (11,000 net). operated interest in a production-sharing contract (PSC) for deepwater Block 14, located west of Block 0. During 2020, net daily Angola–Republic of Congo Joint production averaged 89,000 barrels of liquids and 340 million cubic Development Area feet of natural gas. Chevron is the operator of and holds a 31.3 percent interest in the The company has a 36.4 percent interest in Angola LNG Limited, Lianzi Unitization Zone, located in an area shared equally by Angola which operates a 5.2 million-metric-ton-per-year LNG plant located in and the Republic of Congo. The Lianzi Project is reflected in the Soyo, Angola. production totals in Angola (Block 14) and in the Republic of Congo.

Republic of Republic of Congo Djeno Congo Atlantic Ocean Terminal Chevron has a 31.5 percent nonoperated working interest in the offshore Haute Mer permit areas (Nkossa, Nsoko and Moho-Bilondo). Wamba Angola The permits for Nkossa, Nsoko and Moho-Bilondo expire in 2027, Nsano (Cabinda) Banzala 2034 and 2030, respectively. Average net daily production in 2020

Nkossa was 44,000 barrels of liquids. Lifua Moho Nord Takula Nsoko Moho-Bilondo Malongo Lomba Numbi Malongo Lianzi Kuito Terminal Unitization Benguela Nemba Vuko Tomboco Kungulo Zone Belize Malange Limba business resilience amid pandemic Lobito Vanza Lianzi Longui Bomboco Landana Chevron accelerated the adoption and deployment Mafumeira Kokongo of remote technologies and digital solutions in Tombua Kambala order to continue protecting the health and safety Lucapa Gabela N'Dola Sanha DRC of Chevron employees while delivering results. Block 0 Examples include: Negage Block 14 y Integrated novel digital solutions that reduced the spread of COVID-19 at TCO by tracking more than Angola LNG Angola 55,000 tests and demobilizing over 28,000 people. y Leveraged mixed reality capabilities such as HoloLens Chevron activity highlight Crude oil ﬁeld Terminal to deliver value and increase safety across Upstream and Downstream by enabling remote verification of critical equipment in major capital projects, diagnostic Block 0 and training. Block 0 contains 21 fields that produced a net daily average of y Deployed subsea performance and integrity system to 66,000 barrels of liquids in 2020. The Block 0 concession extends allow remote statistical analysis and targeted proactive through 2030. maintenance planning, resulting in safer operations and Rig operations were suspended in March 2020 resulting from increased reliability. challenges presented by the COVID-19 pandemic. Plans are in place to restart rig operations in late 2021 to continue additional infill drilling and development of the new Lifua A field in 2022. The Sanha Lean Gas Connection Project (SLGC) reached a final investment decision in January 2021. The SLGC comprises a new platform that ties into the existing Sanha Condensate complex and new connecting pipelines for gathering and exporting gas from Block 0 and Block 14 to Angola LNG through the Congo River Crossing pipeline.

Block 14 Block 14 contains nine fields that produced a net daily average of 12,000 barrels of liquids in 2020. In October 2020, the Angolan government approved combining all development areas. The Photo: Chevron accelerated adoption and deployment of digital solutions amid a global pandemic. agreement provides enhanced fiscal terms and extends the PSC expiration to 2028. The expiration for Lianzi remains 2031.

Chevron Corporation 2020 Supplement to the Annual Report 24 upstream

Cameroon Nigeria Chevron owns and operates in the YoYo Block in Cameroon’s Douala Chevron operates and holds a 40 percent interest in eight Basin. Preliminary development plans include a possible joint concessions in the onshore and near-offshore regions of the Niger development between YoYo and the Yolonda field in Equatorial Guinea. Delta with varying expiration dates ranging from 2026 to 2034. The company also holds acreage positions in three operated and Equatorial Guinea six nonoperated deepwater blocks, with working interests ranging Chevron has a 38 percent-owned and operated interest in the Aseng from 20 to 100 percent. In 2020, net daily production averaged oil field and the Yolanda natural gas field in Block I and a 45 percent 136,000 barrels of crude oil, 260 million cubic feet of natural gas owned and operated interest in the Alen natural gas and condensate and 4,000 barrels of liquefied petroleum gas (LPG). field in Block O. The concession for Block I extends through 2034, and the Block O concession extends through 2036. Togo Benin Nigeria Work continued in 2020 on the development of the Alen Gas Lagos Ghana Monetization Project, which was completed in February 2021. The company also holds a 32 percent nonoperated interest in the Alba Escravos Terminal, OML 91 (EGP and EGTL) natural gas and condensate field. Net daily production in 2020 from Sonam the Alen, Aseng and Alba fields averaged 20,000 barrels of liquids and Port Harcourt 167 million cubic feet of natural gas (11,000 oil-equivalent barrels BSWAP OML 140 Nsiko per day attributable to Chevron in 2020). Gulf of Guinea OML 139 OML 132 OML 145 Agbami The Yolanda field is a discovered natural gas field that crosses the OML 138 OML 127 OML 154 Equatorial Guinea and Cameroon maritime border. Development OML 128 OML 129 Usan options are being reviewed. A pre-unitization agreement for the YoYo/Yolanda condensate and natural gas discoveries has been executed between the governments of Equatorial Guinea Chevron interest Terminal West African Gas Pipeline and Cameroon.

Niger Delta In 2020, net daily production from 28 fields in the Niger Delta averaged Alba Plant (LPG Plant) 61,000 barrels of crude oil, 242 million cubic feet of natural gas and 4,000 barrels of LPG. Infill drilling programs continued in 2020. AMPCO EG LNG (Methanol Plant) (LNG Plant) Chevron is continuing its efforts to monetize recoverable natural gas resources of approximately 17 trillion cubic feet in the Escravos area Punta Europa through a combination of domestic and export sales and use as fuel in company operations. The company is the operator of the Escravos Alba Gas Plant (EGP) with a total processing capacity of 680 million cubic Equatorial Guinea feet per day of natural gas and LPG and condensate export capacity Punta of 58,000 barrels per day. The company is also the operator of the Europa 33,000 barrel-per-day Escravos Gas to Liquids (EGTL) facility. In Bioko addition, the company holds a 36.9 percent interest in the West Island Alen African Gas Pipeline Company Limited, which supplies Nigerian

Yoyo natural gas to customers in Benin, Togo and Ghana.

Aseng Yolanda Cameroon In December 2020, the company signed an agreement to divest its 40 percent operated interest in Oil Mining Lease (OML) 86 and OML 88. This sale is expected to close by third quarter 2021.

Chevron activity highlight Discoveries Natural gas ﬁeld Crude oil ﬁeld Alen Gas Pipeline Natural gas pipeline

Chevron Corporation 2020 Supplement to the Annual Report 25 upstream

Deep Water In 2020, net daily production from the deepwater Agbami and Usan fields averaged 75,000 barrels of crude oil and 18 million cubic feet of natural gas. Agbami In 2020, net daily production from the Agbami Field averaged 66,000 barrels of crude oil and 15 million cubic feet of natural gas. The 67.3 percent-owned and operated field spans OML 127 and OML 128. The production licenses that contain the Agbami Field allow the company to produce until 2024. Usan Chevron holds a 30 percent nonoperated working interest in the Usan Field in OML 138. Net daily production in 2020 averaged 9,000 barrels of crude oil and 3 million cubic feet of natural gas. The PSC expires in 2023. Bonga SW/Aparo (BSWAP) The Aparo Field in OML 132 and OML 140 and the third-party-owned Bonga SW Field in OML 118 share a common geologic structure and are planned to be developed jointly. Chevron holds a 16.6 percent nonoperated working interest in the Photo: The Agbami Gas Project reduces non-routine flaring, increases oil recovery and enables future gas export. unitized area. The development plan involves subsea wells tied back to a floating production, storage and offloading vessel. Work continues to progress toward a final investment decision. At the end Exploration Chevron operates and holds a 55 percent interest in of 2020, no proved reserves were recognized for this project. OML 140, which includes the Nsiko discoveries located 90 miles Agbami Gas Project The Agbami Gas Project expects to reduce non- (145 km) off the coast of the western Niger Delta region in up routine flaring, increase oil recovery and enable future gas export. to 8,000 feet (2,438 m) of water. Chevron holds a 30 percent The scope includes increasing the gas handling and injection capacity nonoperated working interest in OML 138 which includes the Usan of the floating production, storage and offloading vessel. Work Field and several satellite discoveries and a 27 percent working continues to progress toward a final investment decision. interest in adjacent licenses OML 139 and OML 154. The company continues to work with the operator to evaluate development options for the multiple discoveries in the Usan area, including the Owowo Field which straddles OML 139 and OML 154.

reducing exposure to health and safety risks and costs, and increasing reliability and availability

In 2020, Chevron continued to deploy unmanned aerial systems, robotic systems and automation solutions. y Chevron deployed unmanned aerial vehicles (UAVs) in Agbami, Escravos Joint Venture and EGTL operations for safer flare tip inspections. UAVs were also used to support operations at the El Segundo Refinery, TCO’s FGP and the San Joaquin Valley. y Robotic systems applications include emergency response support in the Permian basin, offshore pipe inspection and remotely operated vehicles for tank inspections at Escravos. y In Indonesia, Chevron has utilized in-house and third-party artificial intelligence to support remote pipeline surveillance to detect anomalies and accelerate emergency response. y Chevron’s Permian facilities are leveraging sensors and automation functionality to decrease the number of site visits required, optimize and increase production, and enable advanced process control and remote operations. y Chevron is evaluating the use of a Normally Unattended Facilities design for future projects to significantly lower capital and operating expenses, reduce carbon emissions and Photo: Unmanned aerial systems are used in Chevron’s facilities to minimize minimize personnel exposure. personnel exposure and reduce inspection costs.

Chevron Corporation 2020 Supplement to the Annual Report 26 upstream

Middle East In the Middle East, upstream activities are located in Cyprus, Egypt, Cyprus Israel, the Kurdistan Region of Iraq and the Partitioned Zone between Saudi Arabia and Kuwait. In 2020, net daily oil-equivalent production of 37,000 barrels in this region represented 1 percent of the companywide total. Quantitative data for Egypt can be found within the Africa section in Upstream operating tables. Quantitative data for Leviathan Tamar

Cyprus, Israel, the Kurdistan Region of Iraq and the Partitioned Zone Aphrodite can be found within the Asia section in Upstream operating tables. Tamar SW Cyprus Dalit The company holds a 35 percent owned and operated interest in the Aphrodite gas field, offshore Cyprus in Block 12. Chevron operates Tel Aviv under a PSC with the Government of Cyprus and has a license covering 33,000 net acres (135 sq km) that expires in 2044.

Egypt During 2020, Chevron acquired four oil and gas exploration blocks El Arish with a 90 percent-owned and operated interest. Block 1 in the Israel Red Sea, North Sidi Barrani, North El Dabaa and the Nargis blocks in the Mediterranean Sea hold a combined acreage of approximately Egypt 3.2 million net acres (13,114 sq km). The company also has a

27 percent nonoperated interest in the North Cleopatra and the Chevron activity highlight Natural gas ﬁeld Discoveries North Marina blocks with approximately 450,000 net acres (1,828 sq km) in the Mediterranean Sea. Israel Mediterranean Sea Chevron holds a 39.66 percent-owned and operated interest in the North Sidi Barrani North Cleopatra Leviathan gas field. The lease covers approximately 49,000 net North Marina acres (198 sq km), and the current term expires in 2044. During North Nargis 2020, production continued to ramp up from the Leviathan field, El Dabaa Alexandria which averaged 242 million net cubic feet of natural gas per day Israel Marsa Matruh (64 million cubic feet per day attributable to Chevron in 2020). Chevron continues to progress its efforts to monetize its discovered Cairo resources at Leviathan field through a combination of domestic and regional export sales.

Egypt Sharm El-Sheikh

Block 1

Red Sea

Chevron activity highlight

Photo: During 2020, production continued to ramp up from the Leviathan field which averaged 242 net million cubic feet of natural gas per day.

The company also holds a 25 percent-owned and operated interest in the Tamar gas field. In 2020, net daily production from the Tamar Field averaged 173 million cubic feet of natural gas per day (51 million cubic feet per day attributed to Chevron in 2020). Progress continues on the Tamar SW development, which consists of one well tied back to Tamar. The lease for this field covers approximately 15,000 net acres (62 sq km), and the current term expires in 2038.

Chevron Corporation 2020 Supplement to the Annual Report 27 upstream Kurdistan Region of Iraq Asia The company holds a 50 percent interest in the Sarta PSC and a In Asia, upstream activities are located in Bangladesh, China, 40 percent interest in the Qara Dagh PSC. The Sarta and Qara Dagh Indonesia, Kazakhstan, Myanmar, Russia and Thailand. In 2020, net blocks cover an area of 60,000 net acres (242 sq km) and 85,000 net daily oil-equivalent production of 939,000 barrels in this region acres (344 sq km), respectively. represented 30 percent of the companywide total. First oil was achieved from the Sarta Stage 1A project in November 2020. At the end of 2020, proved reserves had been recognized for Karachaganak this project. Chevron will operate the Sarta block through 2021 and plans to transfer operatorship thereafter provided certain milestones are achieved. Kazakhstan Ukraine An exploration well in the Qara Dagh PSC is planned for second quarter Russia 2021. The current Qara Dagh agreement expires in October 2021, and Korolev the Sarta PSC expires in 2047. Atyrau

Tengiz

Novorossiysk

Black Sea Caspian Sea Georgia

Armenia Azerbaijan Turkmenistan Turkey

Iran

Syria Iraq

Chevron interest Crude oil ﬁeld Terminal CPC pipeline Photo: First oil was achieved from Sarta Stage 1A in November 2020. Karachaganak–Atyrau transportation system

Turkey Azerbaijan Sarta In April 2020, Chevron sold its 9.6 percent nonoperated interest in Azerbaijan International Operating Company and its 8.9 percent Syria Qara Dagh interest in the Baku-Tbilisi-Ceyhan pipeline affiliate. Iran Kazakhstan

Iraq Chevron has a 50 percent interest in the TCO affiliate, which operates the Tengiz and Korolev fields, and an 18 percent nonoperated working

Jordan interest in the Karachaganak Field. Net daily production in 2020 from TCO and Karachaganak was 337,000 barrels of liquids and 541 million cubic feet of natural gas.

Karachaganak The Karachaganak Field is located in northwest Kazakhstan, and operations are conducted under a PSC that expires in 2038. Net daily Kuwait Arabian production during 2020 averaged 32,000 barrels of liquids and Saudi Arabia Gulf Partitioned 136 million cubic feet of natural gas. Most of the exported liquids Zone were transported through the Caspian Pipeline Consortium (CPC) pipeline during 2020. Chevron interest Crude oil ﬁeld The next phase of the field development relies on a series of plateau-extending projects, the first of which is Karachaganak Expansion Project Stage 1A (KEP1A). KEP1A expects to increase gas Partitioned Zone compression and reinjection to additional reservoir areas to maintain Chevron holds a concession agreement to develop and operate the the liquid plateau. KEP1A reached a final investment decision in Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon December 2020, and the corresponding reserves are expected to be resources in the onshore area of the Partitioned Zone between Saudi recognized in 2021. Arabia and Kuwait. The concession expires in 2046. Production restart was achieved in July 2020. December net production was 41,000 barrels of oil-equivalent per day. The company expects production to ramp up to full capacity levels in 2021.

Chevron Corporation 2020 Supplement to the Annual Report 28 upstream

Tengiz and Korolev Kazakhstan/Russia TCO is developing the Tengiz and Korolev crude oil fields in western CPC The CPC operates a 935-mile (1,505-km) crude oil export Kazakhstan under a concession agreement that expires in 2033. pipeline from the Tengiz Field in Kazakhstan to tanker-loading Net daily production in 2020 averaged 281,000 barrels of crude oil, facilities at Novorossiysk on the Russian coast of the Black Sea, 405 million cubic feet of natural gas and 24,000 barrels of NGLs. providing a key export route for crude oil production from both TCO All of TCO’s 2020 crude oil production was exported through the and Karachaganak. Chevron holds a 15 percent interest in the CPC. CPC pipeline. During 2020, the CPC pipeline transported an average of 1.3 million Future Growth Project and Wellhead Pressure Management barrels of crude oil per day to Novorossiysk, composed of 1.1 million Project (FGP/WPMP) The FGP/WPMP is being managed as a single barrels per day from Kazakhstan and 0.2 million barrels per day from integrated project. The FGP is designed to increase total daily Russia. Progress continued in 2020 on a debottlenecking project, production by about 260,000 barrels of crude oil and to expand which is expected to further increase capacity. the utilization of sour gas injection technology proven in existing operations to increase ultimate recovery from the reservoir. The WPMP is designed to maintain production levels in existing plants as reservoir pressure declines. Proved reserves have been recognized for the FGP/WPMP. digital and process technology improves returns at Tengiz

Digital technology and technical expertise to improve returns at Tengiz y Process engineering experts developed a virtual plant model for TCO using “virtual tags” from process simulations to help optimize the processing plants. This model is automatically synced to real-time field data and helps operators proactively capture hidden optimization opportunities. y Leveraging proprietary knowledge of flow conditions, TCO completed a multiyear campaign to develop and deploy three-phase separation slug catchers that eliminate the need for downstream crude dehydrators, avoid capital expenditures and shutdowns associated with construction and improve the operational performance at a high-volume facility. Photo: Progress continued for FGP/WPMP, including sealift transportation of the final y module during 2020. Using data analytics, automated performance monitoring and event notification, operators are enabled to drive better decision making, which has led to increased The project advanced in 2020, with overall progress at approximately throughput, optimized maintenance and turnaround 81 percent at year-end 2020. The WPMP portion, including the scopes and lower-carbon emissions. Pressure Boost Facility, is expected to start up in late 2022, with the remaining facilities expected to come online in mid-2023. COVID-19 impacts on project schedules and cost estimates are unknown at this time due to the uncertain timeline for remobilizing all personnel and safely sustaining activity levels. During 2020, TCO continued construction of the FGP/WPMP, including completion of all fabrication and sealift activities, installing key modules on foundations at the 3rd Generation Plant and progressing other construction work.

Photo: TCO utilizes data analytics and automated performance monitoring to improve returns.

Chevron Corporation 2020 Supplement to the Annual Report 29 upstream

Bangladesh Thailand Chevron operates and holds a 100 percent interest in two onshore In the Gulf of Thailand, Chevron has operated and nonoperated PSCs in Bangladesh covering Block 12 (Bibiyana Field) and Blocks working interests in multiple offshore blocks. Operated interests are 13 and 14 (Jalalabad and Moulavi Bazar fields). The rights to produce in the Pattani Basin, with ownership ranging from 35 to 80 percent. from Jalalabad expire in 2030, from Moulavi Bazar in 2033 and from Concessions for the producing areas in the Pattani Basin expire Bibiyana in 2034. between 2022 and 2035. In the Malay Basin, Chevron holds a 16 percent nonoperated working interest in the Arthit Field. Concessions for the producing areas in the Malay Basin expire between 2036 and 2040. The company sells the natural gas production to the Jalalabad domestic market under long-term sales agreements. Net average daily production in 2020 was 54,000 barrels of crude oil and condensate Bibiyana and 918 million cubic feet of natural gas. Bangladesh Moulavi Bazar Within the Pattani Basin, Chevron holds ownership ranging from 70 to 80 percent of the Erawan concession, which expires in April 2022. Erawan concession’s net average daily production in 2020 Dhaka was 37,000 barrels of crude oil and condensate and 725 million cubic feet of natural gas.

Chevron interest Natural gas ﬁeld Myanmar Yangon Thailand M5 M6 Laos The company sells the natural gas production to the government under Bangkok long-term sales agreements. In 2020, net daily production averaged Gulf of 622 million cubic feet of natural gas and 3,000 barrels of condensate. Cambodia Andaman Sea Thailand Vietnam

Myanmar Thailand-Cambodia Thailand overlapping Chevron has a 28.3 percent nonoperated working interest in a PSC for blocks claim area blocks the production of natural gas from the Yadana, Badamyar and Sein fields, within Blocks M5 and M6, in the Andaman Sea. The PSC expires Chevron interest Natural gas pipeline in 2028 and covers 1.8 million net acres (7,320 sq km). The company also has a 28.3 percent nonoperated working interest in a pipeline Ubon At the 35 percent-owned and operated Ubon Project in company that transports natural gas to the Myanmar-Thailand border Block 12/27, development plans progressed; however, in late 2020, for delivery to power plants in Thailand. The remaining volumes are project studies were suspended pending an improved investment dedicated to the Myanmar market. Net daily natural gas production climate. At the end of 2020, proved reserves had not been during 2020 averaged 92 million cubic feet. recognized for this project. Exploration Chevron holds operated and nonoperated working interests ranging from 30 to 80 percent in the Thailand-Cambodia overlapping claims area. As of year-end 2020, these areas were inactive, pending resolution of border issues between Thailand and Cambodia.

repurposing offshore assets into reefs reduces decommissioning costs. Monitoring of the artificial reef is being conducted in collaboration with various universities and A new coral reef system is growing in the Gulf of marine associations to further inform artificial reef science. Thailand, benefiting the environment, local community, the economy and Chevron. Chevron removed seven jackets and placed them on the seafloor at a depth optimal for reef formation. The jackets range in size and weight up to 700 tons, are 23 meters across at the base, and 85 meters in height. All production equipment was removed from the jackets, and they were moved from their offshore location, then laid on the seafloor nearshore, forming a reef of some 500+ meters in length. Creation of the artificial reefs provides habitat for marine life, benefits local fishers and communities, provides opportunities for recreational diving and dive training, enables scientists to further study artificial reef formation in the Gulf of Thailand and Photo: Chevron supports the study of artificial reefs in Thailand.

Chevron Corporation 2020 Supplement to the Annual Report 30 upstream

China Beijing North Korea Chevron has a 49 percent nonoperated working interest in the QHD 32-6 Block 11/19 South Chuandongbei project, including the Luojiazhai and Gunziping Bohai Korea natural gas fields located onshore in the Sichuan Basin. The Bay Chuandongbei Xuanhan Gas Plant has three gas processing trains. Net daily production averaged 100 million cubic feet of natural gas in 2020. This PSC expires in 2038. Chevron also has three other nonoperated PSCs. In the South China Sea, the company has a 32.7 percent working interest in China East China Sea offshore Block 16/19, with six crude oil fields located in the Pearl River Mouth Basin. In Bohai Bay, the company holds a 16.2 percent Chuandongbei Natural Gas Area working interest in Block 11/19 and a 24.5 percent working interest in the Qinhuangdao (QHD) 32-6 Block. The PSCs for Block 11/19, the QHD 32-6 Block and Block 16/19 expire in 2022, 2023 and 2028, respectively. In 2020, net average daily production from these PSCs was 15,000 barrels of crude oil.

Block 16/19 Indonesia Vietnam Chevron’s operated interests in Indonesia include one onshore Laos PSC on the island of Sumatra and three PSCs offshore eastern South China Sea Philippines Kalimantan. Net daily production in 2020 from all producing areas in Indonesia averaged 130,000 barrels of liquids and 44 million Chevron interest Natural gas ﬁeld ManilaCrude oil ﬁeld cubic feet of natural gas. Thailand

Cambodia Malaysia United Kingdom Malaysia Rokan In the United Kingdom, net daily oil-equivalent production averaged Block Dumai 14,000 barrels during 2020. Terminal Kutei Basin Sumatra Kalimantan Clair Makassar Sulawesi Strait Shetland Islands

Indian Ocean Jakarta Java Atlantic Ocean

Chevron interest Terminal

Sumatra Chevron holds a 100 percent-owned and operated interest in the

Rokan PSC, which expires in August 2021. Net daily production United averaged 129,000 barrels of crude oil and 19 million cubic feet of Kingdom natural gas in 2020.

Chevron interest Crude oil ﬁeld Kutei Basin Chevron operates interests offshore eastern Kalimantan in three PSCs in the Kutei Basin: Makassar Strait (72 percent), Rapak Clair Chevron holds a 19.4 percent nonoperated working interest in (62 percent) and Ganal (62 percent). The PSCs for Makassar Strait the Clair Field, located 47 miles (75 km) west of the Shetland Islands. and Rapak expire in 2027, and Ganal expires in 2028. Net daily Clair Ridge is the second development phase of the Clair Field, with production averaged 1,000 barrels of liquids and 25 million cubic feet a design capacity of 120,000 barrels of crude oil and 100 million cubic of natural gas in 2020. feet of natural gas per day. Three additional wells were completed Indonesia Deepwater Development Chevron has concluded that during 2020. The project is estimated to provide incremental the Indonesia Deepwater Development held by the Kutei Basin PSCs potentially recoverable oil-equivalent resources in excess of does not compete in its portfolio and is evaluating alternatives for the 600 million barrels. The Clair Field has an estimated production company’s 62 percent-owned and operated interest. life extending beyond 2050. Clair South, the third development phase of the Clair Field, is under Philippines consideration in pre-FEED. The company closed the sale of its 45 percent nonoperated working interest in the offshore Malampaya Field in March 2020.

Chevron Corporation 2020 Supplement to the Annual Report 31 upstream

The project also supports maintaining gas supply to the Gorgon Australia LNG plant and maximizing the recovery of fields accessing the Jansz Chevron is Australia’s largest producer of LNG, with total installed trunkline. A final investment decision is expected in 2021. As of liquefaction capacity of 24.5 million tons per year. The company is year-end 2020, no proved reserves were recognized for this project. the operator of two major LNG projects, Gorgon and Wheatstone, and has a nonoperated working interest in the North West Shelf Venture (NWS Venture). The company holds net unrisked natural gas resources of approximately 50 trillion cubic feet in Australia. Australia Net daily production in 2020 averaged 42,000 barrels of liquids and 2.4 billion cubic feet of natural gas, primarily from Gorgon, Wheatstone and the NWS Venture. The net daily oil-equivalent production of 441,000 barrels during 2020 in Australia represented 14 percent of the companywide total. Gorgon Chevron holds a 47.3 percent interest in the Gorgon Project, which includes the development of the Gorgon and Jansz-Io fields. The project includes a three-train, 15.6 million-metric-ton-per-year

LNG facility, a domestic gas plant, and a CO2 sequestration facility.

The CO2 system reached a full injection rate by first quarter 2020 and is expected to reduce greenhouse gas emissions from the Gorgon North West Shelf LNG Project by about 40 percent over the life of the project. Barrow Island Gorgon LNG Dampier The facilities are located on Barrow Island. Total daily production Carnarvon Basin from all three trains in 2020 averaged 15,000 barrels of condensate (7,000 net) and 2.1 billion cubic feet of natural gas (1.0 billion net). Indian Ocean Western The project’s estimated economic life exceeds 40 years. Onslow Australia Wheatstone LNG Progress on Gorgon Stage 2 continued during 2020 with the completion of drilling of the 11 subsea wells. This project sustains long- term supply to Gorgon and is expected to be completed in 2022. Greater Gorgon Wheatstone North West Shelf Chevron interest FEED work continued during 2020 on the Jansz-Io Compression Natural gas ﬁeld Crude oil ﬁeld Terminal project, which provides access to compression for the Jansz-Io field, as well as future backfill fields connected to the Jansz trunkline.

materials technology enables improved returns

Through Chevron’s state-of-the-art research and development facilities, the company has rapidly developed, screened and deployed materials technologies that improve equipment performance, lower lifecycle costs and reduce operational risk, including: y In refineries in California and Thailand, and other downstream and upstream complex process facilities, Chevron has deployed anti-fouling coatings, “fancy tubes” and other heat transfer technology to increase production, reduce maintenance and eliminate capital projects to install new equipment. y In Pascagoula and other refineries, Chevron is using spray-on insulation as a new way to add or repair thermal insulation to vessels and tanks, eliminating the need for scaffolding, reducing shutdown durations for maintenance and improving coating integrity. y In the U.S. Gulf of Mexico, Australia and other major offshore and downstream assets, Chevron deployed a new water- repellant coating that reduces application cost, extends the life of coatings and better protects the steel underneath from Photo: Chevron has deployed a new water-repellant coating designed to better harsh environments. protect facilities in harsh environments.

Chevron Corporation 2020 Supplement to the Annual Report 32 upstream

creating digital twins to reduce maintenance turnaround time

Smart Facilities are a key enabler of assets operating more efficiently – and more autonomously – in the years ahead. They rely on digital twin technology to rapidly expose data, relationships, conditions, trends and insights for an operating facility. A digital twin of the Wheatstone platform has been created to optimize the planned 2021 maintenance turnaround. The solution aggregates hundreds of terabytes of data, including laser point cloud surveys, drone-acquired photos, engineering and design systems of record, operational procedures, and equipment and process data collected from tens of thousands of sensors in real time. Comprehensive data integration allows the digital twin to transform essential workflows, such as work orders, the planning of process system isolations, and the management of safety-critical equipment. The result enables significantly reduced time and effort to plan for the turnaround, eliminating the need for most site visits and vastly improving collaboration between different work teams. Digital twins are positioning Chevron for future sustained success and competitive advantage across the enterprise, enabling the operation of true Smart Facilities with optimized safety, reliability and efficiencies.

Photo: Wheatstone onshore processing facility. A digital twin was created for the Wheatstone platform, which supplies natural gas to this facility, to optimize turnaround planning and execution.

Wheatstone Chevron holds an 80.2 percent interest in the offshore NWS net daily production in 2020 averaged 13,000 barrels of crude licenses and a 64.1 percent interest in the LNG facilities associated oil and condensate, 397 million cubic feet of natural gas, and 2,000 with the Wheatstone Project. The project includes the development barrels of LPG. of the Wheatstone and Iago fields, a two-train, 8.9 million-metric- Barrow Island Chevron holds a 57.1 percent operating working ton-per-year LNG facility, and a domestic gas plant. The facilities are interest in crude oil production operations at Barrow Island. located at Ashburton North on the coast of Western Australia. The total production capacity for the Wheatstone and lago fields and Exploration The company continues to evaluate exploration and nearby third-party fields is expected to be approximately 1.6 billion appraisal activity across the Carnarvon Basin in which it holds more cubic feet of natural gas and 30,000 barrels of condensate per day. than 6.6 million net acres (26,909 sq km). During 2020, the company The project’s estimated economic life exceeds 30 years. relinquished its nonoperated working interest in the Browse Basin. Total daily production averaged 21,000 barrels of condensate Chevron owns and operates the Clio, Acme and Acme West fields. (17,000 net) and 1.2 billion cubic feet of natural gas (995 million net) The company continues to assess the possibility of developing Clio in 2020. and Acme through shared utilization of existing infrastructure. NWS Venture Chevron has a 16.7 percent nonoperated working interest in the NWS Venture in Western Australia. The joint venture operates offshore producing fields and extensive onshore facilities that include five LNG trains and a domestic gas plant. In June 2020, Chevron announced the decision to market its interest in the NWS Venture with the data room opening in September 2020.

Chevron Corporation 2020 Supplement to the Annual Report 33 upstream operating data

1, 2 Oil and gas acreage Oil and gas acreage At December 31 Millions of net acres Gross acres Net acres Thousands of acres 2020 2020 2019 2018 2017 2016 Consolidated Companies Total United States 8,790 6,878 6,100 6,336 6,381 7,121 Other Americas Argentina 305 227 227 210 167 240 Brazil 2,176 840 853 578 105 105 Canada 11,731 7,347 7,465 7,459 13,201 13,218 Colombia 2,174 869 87 87 87 87 Greenland – – – – – 350 Mexico 2,601 995 995 406 139 – Suriname 1,526 508 1,142 1,142 1,142 1,142 Trinidad and Tobago – – – – – 84 Venezuela 74 58 58 58 58 58 Total Other Americas 20,587 10,844 10,827 9,940 14,899 15,284 A liates Europe Africa Australia/Oceania Angola 2,257 787 787 787 787 802 Asia Cameroon 168 168 – – – – Africa Democratic Republic of the Congo – – – – 44 44 Other Americas Egypt United States 3,600 3,240 – – – – Equatorial Guinea 310 128 – – – – Liberia – – – – 260 260 Morocco – – – – 1,708 2,112 Nigeria 3,466 1,521 1,552 1,552 1,552 1,552 Republic of Congo 114 36 37 53 56 56 Total Africa 9,915 5,880 2,376 2,392 4,407 4,826 Asia Azerbaijan – – 10 10 10 12 Bangladesh 190 190 186 186 186 186 China 201 63 63 133 134 134 Cyprus 95 33 – – – – Indonesia 2,067 1,871 2,128 2,127 3,202 4,683 Israel 371 138 – – – – Kazakhstan 80 14 14 14 14 14 Kurdistan Region of Iraq 332 145 145 260 90 279 Myanmar 6,460 1,825 1,825 4,605 4,407 4,407 Partitioned Zone 1,361 681 681 681 681 681 Philippines – – 93 93 93 93 Thailand 9,499 3,773 3,773 3,775 3,797 3,797 Total Asia 20,656 8,733 8,918 11,884 12,614 14,286 Australia/Oceania Australia 12,431 7,283 6,509 14,719 14,881 12,343 New Zealand – – – 3,120 3,120 3,120 Total Australia/Oceania 12,431 7,283 6,509 17,839 18,001 15,463 Europe Denmark – – – 49 49 49 Norway – – – – 168 168 Romania – – – – 670 670 United Kingdom – – – 304 170 188 Total Europe – – – 353 1,057 1,075 Total Consolidated Companies 72,379 39,618 34,730 48,744 57,359 58,055 Equity Share in Affiliates Kazakhstan 380 190 190 190 190 190 Venezuela3 424 146 146 146 146 143 Total Equity Share in Affiliates 804 336 336 336 336 333 Total Worldwide 73,183 39,954 35,066 49,080 57,695 58,388

1 Table does not include mining acreage associated with synthetic oil production in Canada. 2 Net acreage includes wholly owned interests and the sum of the company’s fractional interests in gross acreage. 3 As of June 2020, these assets are accounted for under non-equity method accounting.

Chevron Corporation 2020 Supplement to the Annual Report 34 upstream operating data

1, 2 Net proved reserves – liquids At December 31 Net proved reserves Billions of BOE* Millions of barrels 2020 2019 2018 2017 2016 Consolidated Companies United States 2,343 2,430 2,402 1,916 1,412 Other Americas 865 876 908 840 827 Africa 658 713 776 839 876 Asia 403 513 579 631 720 Australia 145 170 161 159 158 Europe 61 69 149 145 138

Total Consolidated Companies 4,475 4,771 4,975 4,530 4,131 Equity Share in Affiliates TCO 1,652 1,576 1,605 1,749 1,909 Other 20 174 210 263 288 Total Equity Share in Affiliates 1,672 1,750 1,815 2,012 2,197 Total Worldwide 6,147 6,521 6,790 6,542 6,328

1 Refer to the glossary of energy and financial terms for a definition of net proved reserves. For additional discussion of the company’s proved reserves, A liates refer to the company’s 2020 Annual Report on Form 10-K. Europe 2 Includes crude oil, condensate, NGLs and synthetic oil. Australia/Oceania Asia Africa * At December 31 Net proved reserves – natural gas Other Americas Billions of cubic feet 2020 2019 2018 2017 2016 United States Consolidated Companies * BOE (barrels of oil-equivalent) United States 4,250 4,728 6,709 5,180 3,676 Other Americas 329 736 863 795 647 Net proved reserves Africa 2,837 2,758 2,815 2,906 2,827 liquids & natural gas Asia 8,183 3,681 4,310 4,773 5,533 Billions of BOE Australia 11,385 14,658 13,731 13,559 12,515 Europe 22 26 305 301 234 Total Consolidated Companies 27,006 26,587 28,733 27,514 25,432 Equity Share in Affiliates TCO 2,018 2,004 1,934 2,183 2,242 Other 898 866 909 1,039 1,086 Total Equity Share in Affiliates 2,916 2,870 2,843 3,222 3,328 Total Worldwide 29,922 29,457 31,576 30,736 28,760 * Refer to the glossary of energy and financial terms for a definition of net proved reserves. For additional discussion of the company’s proved reserves, refer to the company’s 2020 Annual Report on Form 10-K.

Natural gas Liquids

Chevron Corporation 2020 Supplement to the Annual Report 35 upstream operating data

2020 net oil-equivalent Net oil-equivalent production Year ended December 31 production by country* Thousands of barrels per day Percentage 2020 2019 2018 2017 2016 Consolidated Companies Total United States 1,058 929 791 681 691 Other Americas Argentina 25 27 24 23 26 Brazil 6 8 11 13 16 Canada 159 135 116 98 92 Colombia 2 11 14 16 21 Trinidad and Tobago – – – 5 12 United States Australia Total Other Americas 192 181 165 155 167 Kazakhstan Africa Thailand Angola 87 95 108 112 114 Nigeria Democratic Republic of the Congo – – 1 2 2 Canada Indonesia Equatorial Guinea 11 – – – – Bangladesh Nigeria 183 209 239 250 235 Angola Republic of Congo 46 52 52 38 25 Others Total Africa 327 356 400 402 376 *Includes equity share in aliates. Asia Azerbaijan 7 20 20 25 32 Net oil-equivalent Bangladesh 107 110 112 111 114 production China 32 31 29 30 27 Thousands of barrels per day Indonesia 138 109 132 164 203 Israel 20 – – – – Kazakhstan 55 49 46 55 62 Myanmar 15 15 16 19 21 Partitioned Zone 18 – – – – Philippines 5 26 26 25 26 Thailand 238 236 241 245 207 Total Asia 604 598 617 670 730 Australia Australia 441 455 426 256 124 Total Australia 441 455 426 256 124 Europe Denmark – 5 19 23 22 United Kingdom 14 62 65 75 64 Total Europe 14 67 84 98 86 Aliates Europe Total Consolidated Companies 2,636 2,586 2,483 2,262 2,174 Australia/Oceania Equity Share in Affiliates Asia TCO 372 381 353 360 348 Africa Venezuela 16 35 44 55 59 Other Americas Angola LNG United States 59 56 50 51 13 Total Equity Share in Affiliates 447 472 447 466 420 Total Worldwide 3,083 3,058 2,930 2,728 2,594 Net production liquids & natural gas Thousands of barrels per day

Natural gas Liquids

Chevron Corporation 2020 Supplement to the Annual Report 36 upstream operating data

Net liquids production Year ended December 31 2020 net liquids production by country* Thousands of barrels per day 2020 2019 2018 2017 2016 Percentage Consolidated Companies Total United States 790 724 618 519 504 Other Americas Argentina 21 23 20 19 20 Brazil 6 8 10 12 16 Canada 138 119 103 87 83 Total Other Americas 165 150 133 118 119

Africa United States Angola 78 86 98 103 106 Kazakhstan Democratic Republic of the Congo – – 1 2 2 Nigeria Equitorial Guinea 5 – – – – Canada Indonesia Nigeria 140 173 200 213 208 Angola Republic of Congo 44 49 49 36 23 Thailand Total Africa 267 308 348 354 339 Congo Others Asia * Includes equity share in aliates. Azerbaijan 7 18 18 23 30 Bangladesh 3 4 4 4 4 China 15 16 16 17 18 Net liquids production Indonesia 131 101 113 137 173 Thousands of barrels per day Kazakhstan 32 28 27 33 37 Partitioned Zone 17 – – – – Philippines 1 3 3 3 3 Thailand 54 65 66 69 71 Total Asia 260 235 247 286 336 Australia Australia 42 45 42 27 21 Total Australia 42 45 42 27 21 Europe Denmark – 3 12 14 14 United Kingdom 13 44 43 50 43

Total Europe 13 47 55 64 57 Total Consolidated Companies 1,537 1,509 1,443 1,368 1,376 Equity Share in Affiliates Aliates TCO 305 311 288 293 285 Europe Venezuela 15 34 42 52 56 Australia Angola LNG 11 11 9 10 2 Asia Total Equity Share in Affiliates 331 356 339 355 343 Africa Other Americas Total Worldwide 1,868 1,865 1,782 1,723 1,719 United States

Chevron Corporation 2020 Supplement to the Annual Report 37 upstream operating data

2020 net natural gas Net natural gas production* Year ended December 31 production by country* Millions of cubic feet per day Percentage 2020 2019 2018 2017 2016 Consolidated Companies Total United States 1,607 1,225 1,034 970 1,120 Other Americas Argentina 24 25 24 27 32 Brazil 1 2 4 4 5 Canada 126 95 79 65 55 Colombia 14 64 82 96 127 Trinidad and Tobago – – – 29 74 Australia United States Total Other Americas 165 186 189 221 293 Thailand Africa Bangladesh Angola 53 52 59 57 52 Kazakhstan 7.4 Democratic Republic of the Congo – – 1 1 Angola – Nigeria Equatorial Guinea 42 – – – – Philippines Nigeria 260 215 233 223 159 Other Republic of Congo 13 13 14 14 11 * Includes equity share in aliates. Total Africa 368 280 306 295 223 Asia Net natural gas production Azerbaijan 3 10 10 11 13 Millions of cubic feet per day Bangladesh 622 638 648 642 658 China 100 93 84 81 51 Indonesia 43 52 113 163 182 Israel 116 – – – – Kazakhstan 136 129 120 132 154 Myanmar 92 93 98 116 128 Partitioned Zone 3 – – – – Philippines 25 136 138 129 138 Thailand 918 1,038 1,022 1,031 1,051 Total Asia 2,058 2,189 2,233 2,305 2,375 Australia Australia 2,392 2,460 2,304 1,372 615 Total Australia 2,392 2,460 2,304 1,372 615 Europe Denmark – 11 45 53 48 Aliates United Kingdom 5 108 133 155 122 Europe Total Europe 5 119 178 208 170 Australia/Oceania Asia Total Consolidated Companies 6,595 6,459 6,244 5,371 4,796 Africa Equity Share in Affiliates Other Americas TCO 405 419 387 401 375 United States Venezuela 3 7 9 15 19 Angola LNG 287 272 249 245 62 Total Equity Share in Affiliates 695 698 645 661 456 Total Worldwide 7,290 7,157 6,889 6,032 5,252

* Includes natural gas consumed in operations: United States 37 36 35 37 54 International 566 602 584 528 432 Total 603 638 619 565 486

Chevron Corporation 2020 Supplement to the Annual Report 38 upstream operating data

Net wells completed* Year ended December 31 Net productive exploratory wells completed 2020 2019 2018 2017 2016 Number of wells Productive Dry Productive Dry Productive Dry Productive Dry Productive Dry Consolidated Companies United States Exploratory 4 1 10 2 13 2 7 1 4 1 Development 539 2 682 1 509 1 435 4 420 4 Total United States 543 3 692 3 522 3 442 5 424 5 Other Americas Exploratory 2 2 – – 1 1 – – 4 – Development 27 - 36 – 43 – 40 – 45 –

Total Other Americas 29 2 36 – 44 1 40 – 49 – Africa

Exploratory – – – – – – – – 1 1 Development 5 – 26 – 8 – 34 – 17 – Total Africa 5 – 26 – 8 – 34 – 18 1 Natural gas Asia Crude oil Exploratory – – – – 1 – – – 3 – Development 94 2 181 2 289 5 246 2 470 6 Total Asia 94 2 181 2 290 5 246 2 473 6 Net productive development Australia wells completed Exploratory – – – – – – – – – – Number of wells Development – – – – 1 – – – 4 – Total Australia – – – – 1 – – – 4 – Europe Exploratory – – – – – 1 – 1 – – Development 1 – 1 – 2 – 4 – 3 – Total Europe 1 – 1 – 2 1 4 1 3 – Total Consolidated Companies 672 7 936 5 867 10 766 8 971 12 Equity Share in Affiliates Exploratory – – – – – – – – – – Development 13 – 43 – 39 – 36 – 38 – Total Equity Share in Affiliates 13 – 43 – 39 – 36 – 38 – Total Worldwide 685 7 979 5 906 10 802 8 1,009 12 *Net Wells Completed includes wholly owned wells and the sum of the company’s fractional interests in jointly owned wells completed during the year, regardless of when drilling was initiated. Completion refers to the installation of permanent equipment for the production of crude oil or natural gas or, in the case of a dry Natural gas well, the reporting of abandonment to the appropriate agency. Some exploratory wells are not drilled with the intention of producing from the well bore. In such cases, “completion” refers to the completion of drilling. Further categorization of productive or dry is based on the determination as to whether hydrocarbons in Crude oil a sufficient quantity were found to justify completion as a producing well, whether or not the well is actually going to be completed as a producer.

1, 2 Net productive wells At December 31 2020 2019 2018 2017 2016 Consolidated Companies United States Oil 31,380 28,179 28,594 29,690 31,679 Gas 2,322 1,978 1,912 2,380 3,633 Total United States 33,702 30,157 30,506 32,070 35,312 International Oil 14,163 14,145 14,214 14,560 14,781 Gas 1,911 2,167 2,283 2,328 2,466 Total International 16,074 16,312 16,497 16,888 17,247 Total Consolidated Companies 49,776 46,469 47,003 48,958 52,559 Equity Share in Affiliates3 Oil 601 588 554 550 508 Gas - – – 2 2 Total Equity Share in Affiliates 601 588 554 552 510 Total Worldwide 50,377 47,057 47,557 49,510 53,069

1 Net productive wells includes wholly owned wells and the sum of the company’s fractional interests in wells completed in jointly owned operations. 2 Includes wells producing or capable of producing and injection wells temporarily functioning as producing wells. Wells that produce both crude oil and natural gas are classified as oil wells. 3 Includes Venezuela assets that are accounted for under non-equity method of accounting as of June 2020.

Chevron Corporation 2020 Supplement to the Annual Report 39 upstream operating data

Natural gas realizations Natural gas realizations* Year ended December 31 Dollars per thousand cubic feet Dollars per thousand cubic feet 2020 2019 2018 2017 2016 United States $ 0.98 $ 1.09 $ 1.86 $ 2.10 $ 1.59 International 4.59 5.83 6.29 4.62 4.02 * U.S. natural gas realizations are based on revenues from net production. International natural gas realizations are based on revenues from liftings and include equity share in affiliates.

* Liquids realizations Year ended December 31 Dollars per barrel 2020 2019 2018 2017 2016 United States $ 30.53 $ 48.54 $ 58.17 $ 44.53 $ 35.00 International 36.07 58.14 64.25 49.46 38.61

* U.S. liquids realizations are based on revenues from net production and include intercompany sales at transfer prices that are at estimated market prices. International liquids realizations are based on revenues from liftings and include equity share in affiliates.

Natural gas sales* Year ended December 31 United States International* Millions of cubic feet per day 2020 2019 2018 2017 2016 * Includes equity share in afﬁliates. United States 3,894 4,016 3,481 3,331 3,317 International 5,634 5,869 5,604 5,081 4,491 Total 9,528 9,885 9,085 8,412 7,808 Liquids realizations Dollars per barrel * International sales include equity share in affiliates.

Natural gas liquids sales* Year ended December 31 Thousands of barrels per day 2020 2019 2018 2017 2016 United States 208 130 110 30 30 International 46 34 34 29 24 Total 254 164 144 59 54

* International sales include equity share in affiliates.

Exploration and development costs* Year ended December 31 Millions of dollars 2020 2019 2018 2017 2016 United States Exploration $ 398 $ 793 $ 782 $ 729 $ 913 Development 4,622 7,072 6,245 4,346 3,814 United States International* Other Americas Exploration * Includes equity share in afﬁliates. 287 214 161 81 94 Development 740 1,216 856 944 1,631 Africa Exploration 101 65 64 57 187 Development 386 279 711 1,136 2,014 Asia Exploration 33 36 93 99 119 Development 1,034 1,020 1,095 1,324 1,866 Australia/Oceania Exploration 52 59 56 79 71 Development 753 518 845 2,580 3,733 Europe Exploration 2 11 38 148 37 Development 37 199 278 121 550 Total Consolidated Companies Exploration $ 873 $ 1,178 $ 1,194 $ 1,193 $ 1,421 Development 7,572 10,304 10,030 10,451 13,608

* Consolidated companies only. Excludes costs of property acquisitions.

Chevron Corporation 2020 Supplement to the Annual Report 40 downstream be the leading downstream and chemicals company that delivers on customer needs

Photo: The Pasadena refinery provides integration with Chevron’s Gulf Coast Pascagoula, Mississippi refinery and Houston Blend Center. downstream highlights Downstream has a strong presence in the refining, marketing, trading and transportation of fuels and in the manufacturing and distribution of lubricants, additives and petrochemicals. business strategies Downstream’s vision is to be the leading downstream and chemicals company that delivers on customer needs by: y Sustaining world-class operational excellence. y Growing earnings across the value chain. y Investing in targeted opportunities. y Leading the industry in returns. Chevron’s strategy also considers customer needs, Reﬁnery Major petrochemical manufacturing facilities Major additive manufacturing facilities shareholder expectations, the competitive landscape and impacts on our business, including shifts in demand, new technologies, and policy and energy transition dynamics. The company continues to seek leading returns and to execute capital projects with excellence. Efforts to grow earnings include aligning the highest-return markets and sales channels with manufacturing assets, achieving sustainable cost efficiencies, and applying innovative technologies. The company targets investments to strengthen leading fuels value chains, including renewables, and to selectively grow petrochemicals. Downstream plays a strategic role in Chevron’s integrated portfolio, particularly in commercial support, processing of equity crudes, transfer of technology and organizational capabilities.

2020 accomplishments y Achieved strong safety performance results with zero Severe 1 Loss of Containment (LOC) incidents and matching record lows for combined Tier 1 and 2 LOC incidents. y Progressed GS Caltex’s olefins mixed-feed cracker project at the Yeosu Refinery in South Korea. y Advanced construction on the alkylation retrofit project at the Salt Lake City Refinery. y Produced the first renewable natural gas (RNG) from the capture of dairy biomethane in California and announced a second partnership to capture dairy biomethane as RNG and market the volumes for use in vehicles operating on compressed natural gas. y Announced funding for an Adopt-a-Port initiative in July 2020 that allows truck operators to subsidize the cost of buying new RNG-powered trucks, which have much lower emissions than standard diesel trucks. y Produced 100 percent renewable base oil through an affiliate company leveraging Chevron’s propriety ISODEWAXING technology. y Completed construction of the lubricant additive blending and shipping plant in Ningbo, China. y Addressed the International Maritime Organization (IMO) 2020 low-sulfur regulation on bunker fuels. y Extended the ExtraMile convenience store brand to nearly 1,000 locations in the western United States. y Advanced Chevron Phillips Chemical Company (CPChem) projects to develop a petrochemical complex in Qatar and in the U.S. Gulf Coast region and completed engineering and design work for the U.S. Gulf Coast II Petrochemical Project. y Achieved the first U.S. commercial-scale production of polyethylene from mixed-waste plastics using CPChem’s advanced recycling technology. y Closed the acquisition of retail assets and terminals in Australia in June 2020 to strengthen Chevron’s Asia fuels marketing position.

2021 outlook y Maintain focus on safety and system reliability improvements and deliver on sustainable cost management efforts. y Continue developing the company’s renewable fuels portfolio, which includes Chevron’s El Segundo refinery aiming to become the first refinery in the U.S. to ratably co-process biofeedstocks through a fluid catalytic cracker unit to produce gasoline, jet and diesel with renewable content. y Achieve first production from the olefins mixed-feed cracker and associated polyethylene unit at GS Caltex’s Yeosu Refinery in South Korea. y Reach project start-up on the Salt Lake Refinery’s ISOALKY plant, which provides improved process safety and performance advantages over conventional alkylation process technologies, in second quarter 2021.

Downstream financial and operating highlights (Includes equity share in affiliates) Millions of dollars 2020 2019 Earnings $ 47 $ 2,481 Refinery crude oil inputs (Thousands of barrels per day) 1,377 1,564 Refinery capacity at year-end (Thousands of barrels per day) 1,804 1,748 U.S. gasoline, diesel and jet fuel yields (Percent of U.S. refinery production) 86 % 84 % Refined product sales (Thousands of barrels per day) 2,224 2,577 Motor gasoline sales (Thousands of barrels per day) 845 956 Olefin and polyolefin sales (Thousands of metric tons per year) 5,143 4,261 Specialty, aromatic and styrenic sales (Thousands of metric tons per year) 3,262 3,571 Number of marketing retail outlets at December 31 13,727 13,051 Capital expenditures $ 2,346 $ 2,788

Chevron Corporation 2020 Supplement to the Annual Report 42 downstream refining and marketing Cleaner fuels and lower carbon Chevron continues to innovate to produce lower-carbon fuels, The company’s refining and marketing activities are coordinated by including Tier 3 gasoline, IMO lower-sulfur fuel oil, and renewable two geographic businesses, Americas Products and International diesel blending at the El Segundo and Richmond Refineries in Products, each focused on optimizing the fuels value chain from California. In addition, the El Segundo Refinery has modified key crude to customer. The activities of each business include securing units to enable production of renewable fuels from biofeedstocks. raw materials, manufacturing and blending products at its refineries, Chevron addressed the new IMO lower sulfur regulation on bunker and selling finished products through its retail and commercial fuels effective January 1, 2020 by adapting the global product supply networks. The company has complex refining assets concentrated in chain for changing customer needs and its refinery operations. the United States and Asia-Pacific. Chevron continues to leverage technology, incorporating its exclusive cleaning additive, Techron, into these markets in order to maintain a leading position in branded fuels. Chevron maintains a focus on optimizing the value chain to maximize returns. Through integration of its crude supply and refining processing capabilities, the company is able to provide real-time economic decisions to optimize the value chain across the company’s global business.

Americas Products The company supplies customers at approximately 9,000 Chevron- and Texaco-branded retail outlets and 36 airports throughout North America and Latin America. The Americas Products portfolio includes five wholly owned refineries in North America with a crude capacity of approximately 1 million Photo: The El Segundo Refinery has modified key units to enable production of renewable fuels from biofeedstocks. barrels per day. These refineries leverage Chevron’s proprietary hydroprocessing technologies, which provide the flexibility to process a wide range of feedstocks into high-value products. Further, Chevron is exploring supply chain enhancements to supply In 2020, the company supplied customers with a daily average of the San Francisco International Airport with Sustainable Aviation Fuels 20 million gallons of gasoline and diesel. The network of service (SAF), a lower-carbon alternative to jet fuel on a lifecycle basis. At stations in Americas Products is supported and served by 42 select retail stations in California, Chevron has installed electric vehicle proprietary fuel terminals. Across the markets that Chevron serves (EV) charging stations to better understand EV customer needs and is in the U.S. and Latin America, the company enjoys strong market also evaluating the installation of hydrogen filling stations. positions and continues to capture opportunities to grow market share of motor gasoline and diesel fuel under the Chevron and Texaco brands. Chevron extended its ExtraMile convenience store brand to nearly 1,000 location in the western U.S. and expanded to nearly 230 branded stations in northwestern Mexico.

Chevron partnering to bring RNG to market 1 dairy gas

In September 2020, the company reached a milestone in bringing RNG to market with first production through the agricultural 2 CalBioGas joint venture. The RNG was produced by using waste treatment digesters to capture methane from manure at dairy farms, then treating and upgrading it for use in heavy-duty trucks, buses and farm equipment. Chevron’s additional RNG investments include a partnership with Brightmark announced in October 2020 and the Adopt-a-

Port initiative with Clean Energy Fuels. RNG is part of the portfolio biogas 3 of lower-carbon technologies and solutions that Chevron is treatment investing in or supporting, along with blending renewables into the company’s fuels, co-processing biofeedstocks in its refining 4 renewable gas injection process, and pursuing other initiatives to reduce the carbon 5 CNG vehicle into natural gas network intensity of Chevron’s products and operations.

Chevron Corporation 2020 Supplement to the Annual Report 43 downstream

Enhancing refinery flexibility and technology At the Salt Lake Refinery in Utah, construction continued on the The Pasadena Refinery has the capacity to process 110,000 barrels of alkylation retrofit project. Chevron expects to be the first to install crude per day. This refinery enables processing of greater amounts the new ISOALKY technology in the United States, with project start- of Permian light crude oil and provides integration with Chevron’s up expected in second quarter 2021. Pascagoula, Mississippi refinery, and Houston Blend Center.

Critical production milestone completed for novel ISOALKY alkylation technology, leading to improved process safety Chevron’s ISOALKY Technology is an improved refining process to produce a high-octane alkylate blending component for motor gasoline. This new process uses a nonaqueous liquid salt, an ionic liquid catalyst, to convert liquified petroleum gas olefins into alkylate, which reduces the overall environmental impact of motor gasoline. This technology provides important process safety and performance advantages over conventional alkylation process technologies. The first commercial production of ISOALKY ionic liquid catalyst was successfully completed for the ISOALKY plant currently under construction at Chevron’s Salt Lake Refinery. This marks the completion of a critical milestone for the ISOALKY technology commercialization process.

Photo: The Pasadena Refinery has the capacity to process 110,000 barrels of crude per day.

Photo: Chevron advanced construction on the alkylation retrofit project at the Salt Lake City Refinery during 2020.

Chevron Corporation 2020 Supplement to the Annual Report 44 downstream

International Products Refineries strategically positioned The Asia-Pacific refining assets are well positioned to supply The business manages all of Chevron’s downstream fuels businesses growing demand in this region. The 50 percent-owned, GS Caltex and joint venture refineries outside North America and Latin America, (GSC) operated refinery in Yeosu, South Korea is one of the largest with petroleum products and aviation fuels marketed and sold refineries in the world with a total crude capacity of 800,000 barrels primarily under the Caltex brand. The company manufactures and per day. During 2020, progress continued on the construction of an supplies premium-quality Caltex-branded transportation fuels into olefins mixed-feed cracker and associated polyethylene unit. Start-up Asia-Pacific and the Middle East. Connecting refineries, terminals and is expected in third quarter 2021. retail stations creates a tightly integrated crude-to-customer value chain and leverages Chevron’s people, processes and operations to Chevron has a 50 percent interest in Singapore Refining Company consistently deliver results. Limited (SRC), located on Jurong Island in Singapore. SRC has a total crude capacity of 290,000 barrels per day and manufactures a Chevron has interests in three refineries located in South Korea, wide range of petroleum-based products for domestic and overseas Singapore and Thailand. The refinery network, including Chevron’s export markets. Refinery upgrades have enabled SRC to produce share of affiliates, has a total crude capacity of approximately higher-quality (Euro V) gasoline that meets stricter emission 700,000 barrels per day. standards while increasing energy efficiency, reducing emissions and Chevron and its affiliates serve customers at approximately 4,250 lowering operating costs. Other targeted investments have enabled Caltex-branded retail outlets in Asia-Pacific and at 33 airports in SRC to produce bunker fuels compliant with the IMO’s regulation Asia-Pacific and the Middle East. The business sold a daily average of change effective January 2020, with the first cargo being sold in 700,000 barrels of refined products in 2020. The company extended October 2019. SRC also invested in a cogeneration facility (two its branded retail presence by adding more than 90 sites in 2020 35-megawatt gas turbines), which helped to reduce sulfur oxide across four countries, a record number of site openings in one year emissions by 50 percent by replacing fuel-fired boilers. despite the pandemic and various lockdowns. Chevron has a 60.6 percent interest in Star Petroleum Refining Company Limited (SPRC), located in Rayong province in Thailand. Following a successful turnaround and capacity increase project, SPRC now has a total crude capacity of 175,000 barrels per day. SPRC also enhanced efficiency and its ability to supply high-quality petroleum products through the Caltex brand into regional markets such as Thailand and Cambodia.

Sustaining a focused marketing portfolio The company continues to expand in selected growth markets, including Malaysia, the Philippines, Thailand, Australia and Cambodia. Several initiatives were recently launched to better support emerging transportation fuel alternatives. This included installation of 40 EV rapid chargers and the opening of a Total Energy service station with gasoline, diesel, liquefied natural gas, electricity and hydrogen refilling capabilities through the GSC joint venture in South Korea.

Photo: Chevron and its affiliates serve customers at approximately 4,000 Caltex-branded In addition, GSC is piloting EV charging options at select stations in retail outlets in Asia-Pacific. Thailand, Malaysia and Singapore. GSC opened the Energy Plus Hub in Seocho-gu, Seoul, the first pump station under the new brand Energy Plus, which provides EV charging and hydrogen vehicle refueling capabilities and serves as a car-sharing platform and logistics hub for drone shipping.

Chevron completes acquisition of Australian retail assets and terminals

In June 2020, the company acquired 360 retail assets, 14 fuel depots and six fuel import terminals in Australia. These assets align with Chevron’s value chain optimization strategy in the Asia-Pacific region and provide fuel outlets for the company’s Australia joint venture refineries. As the company fulfills its current branded licensing commitments in Australia, the company looks forward to extending the Caltex family of brands to the newly acquired terminals retail network and across Australia by early 2022. fuel depots

Chevron Corporation 2020 Supplement to the Annual Report 45 downstream

commercialized Taro Ultra, a full range of IMO 2020-compliant lubricants lubricants, to enable Chevron’s customers to be compliant with Chevron is the only company with wholly owned, fully integrated changing standards. The company also expanded motorcycle oil base oil, lubricants and additives businesses. The company is among availability in Latin America and Asia. Chevron developed and the leading global developers and marketers of lubricants and is a launched another industry-first in heavy-duty engine oils, Delo leading global producer of premium base oil, with a total capacity 600 ADF with OMNIMAX, a patented ultra-low ash technology that of nearly 60,000 barrels per day. Chevron provides high-quality significantly improves efficiency and fuel economy retention. In 2020, lubricants in the commercial, industrial, consumer and marine Delo 600 ADF was introduced for commercial sales in North America sectors. Lubricants and coolants are produced and marketed and Europe. through the Havoline, Delo, Ursa, Meropa, Rando, Clarity and Taro product lines under three brands: Chevron, Texaco and Caltex. These Chevron is also investing in digital solutions across the business to products are sold in approximately 150 countries around the globe. increase efficiency at the company’s plants, ensure on-time delivery to customers and improve the customer experience. One example Chevron Lubricants has an integrated global supply chain with of this work is the ongoing digitalization of the company’s marketing modern blending plants and base oil distribution hubs in all demand and sales tools and processes. regions. The company’s global base oil manufacturing network includes base oil facilities at refineries in Richmond, California; Sustainability in Lubricants Pascagoula, Mississippi; and Yeosu, South Korea. Chevron has 16 The company’s lubricants business is driving toward more sustainable supply hubs, which provide efficient global logistics to customers practices through analysis of plant efficiency and supply chain and a range of base oil grades that meet customers’ needs. The opportunities. Several products are now being packaged based company’s finished lubricants business has a global production on bag-in-the-box concept that uses a minimum of 70 percent less network of 20 blending plants and joint ventures providing supply plastic than the equivalent plastic bottles. reliability in demand markets. In addition, Chevron’s marine In 2020, Chevron developed the first Havoline renewable engine oil lubricants business supplies more than 500 ports across the globe. for passenger vehicles that demonstrates superior fuel economy Through innovation, Chevron is focused on improving its portfolio of improvement and retention properties. products to better meet customer needs and operating responsibly In addition, Chevron continues to invest in its California-based to exceed customer performance expectations. The company has affiliate company that has developed innovative technology to strategic partnerships with original equipment manufacturers and produce high-performance base oils from renewable sources. Its advanced research at technology centers in the United States plant in Deer Park, Texas, began first production of renewable base and Belgium. oil in August 2020. This research includes the development of high-performing products meeting stringent environmental standards and engine oils that offer fuel economy retention benefits. Chevron has developed and

renewable base oils

Achieved first production of 100 percent renewable base oil Using the combined process technologies of Chevron’s joint venture partner and Chevron’s expertise in hydroprocessing, particularly ISODEWAXING, a unique and patented process was developed that enabled the production of high-performing renewable base oils. In August 2020, Chevron announced the first production of 100 percent renewable base oil from the Deer Park, Texas, facility. The production process and products are expected to offer even higher performance than conventional and synthetic

base oils, with the advantage of being produced from Photo: In August 2020, Chevron announced production of 100 percent renewable renewable feedstocks. base oil.

Chevron Corporation 2020 Supplement to the Annual Report 46 downstream additives Expanding in key growth markets Oronite has a strong foundation to support long-term international Chevron’s Oronite subsidiary is a world-leading developer, growth with its global manufacturing coverage and versatile cross- manufacturer and marketer of quality additives that improve the continent supply network. The majority of global volume growth performance of lubricants and fuels. Oronite conducts research and is expected in Asia, where Oronite’s Singapore plant is the largest development for additive component and blended packages to meet additives manufacturing plant in the region. the increasing demands of engine and equipment performance, as well as more stringent regulatory requirements. At year-end 2020, Construction was completed in late 2020 on a lubricant additive Oronite was manufacturing, blending or conducting research and blending and shipping plant in Ningbo, China. Commercial development at 10 locations around the world. production is anticipated to begin in second quarter 2021. With technology advancements focused on meeting the changing needs of customers, the company is delivering value in areas such as improving fuel economy and increasing engine protection in new passenger cars, including hybrids, as well as lowering marine fuel sulfur levels. Research into new opportunities, such as optimizing the performance of lubricant and battery cooling needs in full electric vehicles, also continues. Oronite fuel additives help improve engine performance and extend engine life. The main additive applications are for blended gasoline and gasoline aftermarket products. Many fuel additive packages are unique and blended specifically to individual customer specifications, the most recognized being the additive package branded as Techron and used exclusively in Chevron, Texaco and Caltex fuels and in Techron Concentrate Plus fuel system cleaner. Fuel performance standards vary for customers throughout the world, and specific packages are tailored for each region’s markets. Oronite lubricant additives are blended with refined base oils to produce finished lubricants used primarily in engine applications, including passenger cars, heavy-duty diesel trucks, buses, ships, locomotives and motorcycles. Typically, several additive components, such as dispersants, detergents, oxidation, corrosion and rust inhibitors, and viscosity-index improvers, are combined to meet desired performance specifications. Specialty additives are also Photo: The Ningbo, China, blending and shipping plant is expected to begin commercial marketed for other applications, including power transmission fluids production in second quarter 2021. and hydraulic oils.

Chevron Corporation 2020 Supplement to the Annual Report 47 downstream petrochemicals GS Caltex The company has a broad, worldwide petrochemicals portfolio Chevron also maintains an important role in the petrochemicals producing both olefins and aromatics. The company’s petrochemical business through the operations of GSC, a 50 percent-owned affiliate activities are conducted through two joint ventures, CPChem located in Yeosu, South Korea. GSC is a leading manufacturer of and GSC. petrochemicals. With one of the largest single-facility aromatics plants in the world, the Yeosu complex has a production capacity of CPChem 2.8 million metric tons per year of aromatics, including benzene, toluene and xylene. These base chemicals are used to produce a wide CPChem is a 50 percent-owned affiliate. It is one of the world’s range of products, including adhesives, plastics and textile fibers. leading producers of olefins, polyolefins and alpha olefins and is a GSC also produces polypropylene, which is used to make automotive leading supplier of aromatics and polyethylene pipe, in addition to and home appliance parts, food packaging, laboratory equipment participating in the specialty chemical and specialty plastics markets. and textiles. Work continues on an olefins mixed-feed cracker and At year-end 2020, CPChem owned or had joint-venture interests in 28 polyethylene unit within the existing refining and aromatics facilities. manufacturing facilities and two research and development centers The new plant is expected to start-up in third quarter 2021 and expects around the world. CPChem markets its products through leading to produce an additional 700,000 tons of ethylene and 500,000 tons brands such as Marlex, AlphaPlus, Scentinel, Synfluid and Soltrol. of polyethylene a year.

advanced plastics recycling

Technology breakthrough leads to a commercial-scale solution for plastic waste. In October 2020, CPChem announced it successfully achieved first commercial scale production of polyethylene using advanced recycling technology, making it the first company in the U.S. to announce circular polyethylene production at this scale. Advanced recycling, or chemical recycling, converts plastic waste to liquids that can become new petrochemicals, also known as circular polymers. Photo: As of year-end 2020, CPChem owned or had joint-venture interests in 28 manufacturing facilities and two research and development centers around the world. This development is an important milestone for CPChem and could reduce waste from plastics, create innovation, and highlight how plastics can be recycled efficiently and Leveraging advantaged feedstock position economically. It also supports one of Chevron’s energy CPChem’s strong positions in North America and the Middle East transition focus areas by investing in technologies that can enable it to leverage the availability of competitive feedstocks and deliver low-carbon solutions at a commercial scale. meet growing global demand. CPChem holds a 30 percent interest in a petrochemical complex project in Qatar. The Ras Laffan Petrochemical Project is expected Dicult-to-recycle plastic to have an ethane cracker with a capacity of 1.9 million metric tons and two high-density polyethylene derivative units with a combined capacity of 1.6 million metric tons. Engineering and design work for Plastic packaging this project continued during 2020. and consumer goods Collection The U.S. Gulf Coast II Petrochemical Project in which CPChem holds a 51 percent interest, is expected to include a 2.0 million-metric-ton Circular advanced polyethylene recycling Plastic bale capacity ethylene cracker and two 1.0 million-metric-ton capacity pellets high-density polyethylene units built in a location with direct access to the Permian Basin. Engineering and design work for this project Cracker and Pyrolysis facility was completed in November 2020. polyethylene unit In addition, CPChem is advancing a number of projects at its existing facilities to build value chain strengths, including debottlenecking Pyrolysis oil ethylene and polyethylene units as well as expanding normal alpha olefins production.

Chevron Corporation 2020 Supplement to the Annual Report 48 downstream supply and trading Shipping Chevron’s shipping organization provides safe, reliable and cost- Supply and trading (S&T) provides commercial support to upstream competitive marine transportation, manages risk and provides and downstream. S&T applies its knowledge of commodity markets, operational, technical and commercial support to the enterprise. the crude-to-customer value chain and transportation logistics in The company operates a fleet of conventional crude tankers, the crude oil, natural gas, LNG and refined products markets to product carriers and LNG carriers. These vessels transport crude oil, maximize the value of enterprise assets and enable the commercial LNG, feedstock and refined products in support of Chevron’s global success of upstream and downstream operations. S&T buys, sells upstream and downstream businesses. and supplies crude oil, refined products, gas and gas liquids to support the company’s crude and gas production operations and its refining and marketing network. Activities include the integration of noble midstream partners equity crude oil from the upstream operations into the company’s As a result of the Noble acquisition that closed in October 2020, refining network and the commercialization of Chevron’s equity Chevron acquired an indirect majority interest in Noble Midstream LNG volumes. Partners LP (Noble Midstream). Noble Midstream is a publicly traded (NASDAQ: NBLX), consolidated subsidiary and limited transportation partnership that owns, operates, develops and acquires a wide range of midstream assets in the U.S. This includes assets used The company’s transportation businesses, including pipeline and in oil transportation, natural gas processing, gathering, treating shipping operations, are responsible for transporting a variety of and transportation, as well as water-related infrastructure. Noble products to customers worldwide. Transportation activities are aligned Midstream is primarily focused in the DJ Basin in Colorado and with the needs of the upstream, refining and marketing businesses. Delaware Basin in Texas. In addition, Noble Midstream leverages Pipeline its existing dedications and commercial relationships by investing in certain entities providing transportation services downstream Chevron owns and operates a network of crude oil, natural gas of current operations. Noble Midstream provides services to and product pipelines and other infrastructure assets in the United Chevron and third-party customers. In March 2021, Chevron and States. Chevron’s Pipeline Control Center in Houston, Texas, utilizes Noble Midstream Partners LP announced a definitive agreement advanced leak detection systems and damage prevention systems for Chevron to acquire all of the publicly held common units to safely move more than 1.5 million barrels of oil-equivalent per representing the limited partner interests in Noble Midstream, day. In addition, Chevron operates pipelines for its CPChem affiliate. not already owned by Chevron and its affiliates, in an all-stock The company also has direct and indirect interests in other U.S. and transaction. The transaction is expected to close in the second international pipelines. quarter of 2021, subject to customary approvals. Refer to pages 25–29 in the upstream section for information on the West African Gas Pipeline and the Caspian Pipeline Consortium.

driving maximum profitability through value chain optimization

Chevron continuously seeks innovative solutions that maximize product value through the entire value chain from wellhead to end customer. The Value Chain Optimization (Optimizer) digital solution is among Chevron’s top strategic and digital priorities. The Optimizer leverages an end-to-end cloud-based application that utilizes models with built-in scenario-planning capabilities. It generates insights that lead to faster planning, accelerated responses to changing market conditions and improved transparency for better-informed trading and contracting choices. This ecosystem helps promote an enterprise-wide forward view of the value chain and enables value-based decisions in real time through the use of interconnected data.

Chevron Corporation 2020 Supplement to the Annual Report 49 downstream operating data

1 Reﬁnery capacity Refinery capacities and crude oil inputs Year ended December 31 at December 31 Refinery capacity Refinery crude oil inputs Thousands of barrels per day Thousands of barrels per day At December 31, 2020 2020 2019 2018 2017 2016 United States – Consolidated El Segundo, California 290 176 241 273 251 267 Kapolei, Hawaii2 – – – – – 37 Pasadena, Texas3 110 69 58 – – – Pascagoula, Mississippi 369 305 358 332 349 355 Richmond, California 257 198 236 249 248 188 Salt Lake City, Utah 58 45 54 51 53 53 Total United States – Consolidated 1,084 793 947 905 901 900 International – Consolidated Canada – Burnaby, British Columbia4 – – – – 40 51 South Africa – Cape Town5 – – – 49 68 78 Thailand – Map Ta Phut 175 143 134 160 152 162 Total International – Consolidated 175 143 134 209 260 291 United States International – Equity Shares International* in Affiliates * Includes equity share in aliates. Pakistan – Karachi (<1%)6 – – – – 3 3 Singapore – Pulau Merlimau (50%) 145 83 113 116 127 121 South Korea – Yeosu (50%) Reﬁnery crude oil inputs 400 358 370 378 370 373 Thousands of barrels per day Total International – Equity Share in Affiliates 545 441 483 494 500 497 Total International 720 584 617 703 760 788 Total Worldwide 1,804 1,377 1,564 1,608 1,661 1,688

1 Table has been updated to show full capacity of consolidated refineries. 2 Chevron sold its interest in this refinery in November 2016. 3 Chevron acquired its interest in this refinery in May 2019. 4 Chevron sold its interest in this refinery in September 2017. 5 Chevron sold its interest in this refinery in September 2018. 6 Chevron sold its interest in this refinery in March 2020.

Refinery capacities at year-end 2020 Chevron share of capacities1 Atmospheric Catalytic Hydro- Residuum Thousands of barrels per day distillation2 cracking3 cracking4 conversion5 Lubricants6 United States – Consolidated El Segundo, California 290 66 50 69 – United States Pasadena, Texas International* 110 52 – – – Pascagoula, Mississippi 369 79 107 94 20 * Includes equity share in afﬁliates. Richmond, California 257 72 135 – 20 Salt Lake City, Utah 58 14 – 9 – Total United States – Consolidated 1,084 283 292 172 40 International – Consolidated Thailand – Map Ta Phut 175 37 – – – Total International – Consolidated 175 37 – – – International – Equity Shares in Affiliates Singapore – Pulau Merlimau (50%) 145 23 16 16 – South Korea – Yeosu (50%) 400 77 77 – 12 Total International – Equity Share in Affiliates 545 100 93 16 12 Total International 720 137 93 16 12 Total Worldwide 1,804 420 385 188 52

1 Capacities represent typical calendar-day processing rates for feedstocks to process units, determined over extended periods of time. Actual rates may vary depending on feedstock qualities, maintenance schedules and external factors. 2 Atmospheric distillation is the first distillation cut. Crude oil is heated at atmospheric pressure and separates into a full boiling range of products, such as liquid petroleum gases, gasoline, naphtha, kerosene, gas oil and residuum. 3 Catalytic cracking uses solid catalysts at high temperatures to produce gasoline and other lighter products from gas-oil feedstocks. 4 Hydrocracking combines gas-oil feedstocks and hydrogen at high pressure and temperature in the presence of a solid catalyst to reduce impurities and produce lighter products, such as gasoline, diesel and jet fuel. 5 Residuum conversion includes thermal cracking, visbreaking, coking and hydrocracking processes, which rely primarily on heat to convert heavy residuum feedstock to the maximum production of lighter boiling products. 6 Lubricants capacity is based on dewaxed base-oil production.

Chevron Corporation 2020 Supplement to the Annual Report 50 downstream operating data

Worldwide reﬁnery crude Refinery crude distillation utilization distillation utilization* (Includes equity share in affiliates) Year ended December 31 Percent of average capacity Percentage of average capacity 2020 2019 2018 2017 2016 United States 73.3 90.8 97.1 98.1 93.4 Asia-Pacific 81.1 87.6 94.2 92.1 93.4 Africa-Pakistan – – 45.6 62.1 71.3 Other – – – 72.5 91.9 Worldwide 76.4 89.5 92.5 92.7 92.0

Sources of crude oil input for worldwide refineries* Year ended December 31 Percentage of total input 2020 2019 2018 2017 2016 Middle East 31.3 31.6 35.8 32.8 32.4 South America 12.9 18.5 20.4 23.5 24.9 United States 34.7 31.0 24.2 23.0 17.8 Mexico 2.9 8.2 9.1 6.8 4.8 Africa 7.9 1.6 3.6 3.5 3.4 Asia-Pacific 1.2 3.9 4.0 4.3 8.1 * Includes equity share in aliates. Other 9.1 5.2 2.9 6.1 8.6 Total 100.0 100.0 100.0 100.0 100.0 Sources of crude oil input for worldwide reﬁneries* * Consolidated companies only. Percentage of total input

Sources of crude oil input for U.S. refineries Year ended December 31 Percentage of total input 2020 2019 2018 2017 2016 Middle East 15.3 26.4 29.3 27.1 27.1 South America 22.4 21.1 25.1 30.3 32.9 United States – excluding Alaska North Slope 35.4 30.3 22.1 22.1 20.0 United States – Alaska North Slope 5.6 5.1 7.6 7.4 3.6 Mexico 9.3 9.4 11.2 8.8 6.3 Africa 1.4 1.8 1.7 0.9 0.7 Asia-Pacific – – – – 4.3 Other 10.6 5.9 3.0 3.4 5.1 Total 100.0 100.0 100.0 100.0 100.0

Other United States Year ended December 31 Refinery production of refined products Asia-Paciﬁc South America Thousands of barrels per day 2020 2019 2018 2017 2016 Africa Middle East Mexico United States Mexico

Gasoline 400 448 442 444 450 *Consolidated companies only. Diesel/Gas oil 190 187 178 183 188 Jet fuel 120 230 229 210 197 Sources of crude oil input Fuel oil 8 38 42 31 34 for U.S. reﬁneries Other 103 121 133 128 120 Percentage of total input Total United States 821 1,024 1,024 996 989 International Gasoline 42 35 60 88 102 Diesel/Gas oil 66 53 83 96 110 Jet fuel 5 12 20 26 28 Fuel oil 7 13 24 28 31 Other 28 22 27 30 32 Total International 148 135 214 268 303 Worldwide Gasoline 442 483 502 532 552 Diesel/Gas oil 256 240 261 279 298 Jet fuel 125 242 249 236 225 Fuel oil 15 51 66 59 65 Other 131 143 160 158 152 Worldwide Consolidated 969 1,159 1,238 1,264 1,292 Other United States Asia-Paciﬁc South America Worldwide Equity Share of Affiliates 526 596 604 604 602 Africa Middle East Total Worldwide 1,495 1,755 1,842 1,868 1,894 Mexico .

Chevron Corporation 2020 Supplement to the Annual Report 51 downstream operating data

U.S. reﬁned product sales Refined product sales Year ended December 31 Thousands of barrels per day Thousands of barrels per day 2020 2019 2018 2017 2016 United States Gasoline 581 667 627 625 631 Diesel/Gas oil 167 191 188 179 182 Jet fuel 139 256 255 242 242 Residual fuel oil 33 42 48 48 59 Other Petroleum Products 1 83 94 100 103 99 Total United States 1,003 1,250 1,218 1,197 1,213 2 International Gasoline 264 289 336 365 382 Diesel/Gas oil 438 427 446 490 468 Jet fuel 143 238 276 274 261 Residual fuel oil 184 167 177 162 144 Other Petroleum Products 1 192 206 202 202 207 Total International 1,221 1,327 1,437 1,493 1,462 Other 2 Fuel oil Worldwide Jet fuel Gasoline 845 956 963 990 1,013 Diesel/Gas oil Diesel/Gas oil 605 618 634 669 650 Gasoline Jet fuel 282 494 531 516 503 Residual fuel oil 217 209 225 210 203 Other Petroleum Products 1 International reﬁned 275 300 302 305 306 product sales* Total Worldwide 2,224 2,577 2,655 2,690 2,675 Thousands of barrels per day 1 Other primarily includes naphtha, lubricants, asphalt and coke. 2 Includes share of equity affiliates’ sales: 348 379 373 366 377

Natural gas liquid sales (Includes equity share in affiliates) Year ended December 31 Thousands of barrels per day 2020 2019 2018 2017 2016 United States 25 101 74 109 115

International 74 72 62 64 61 Total 99 173 136 173 176

1, 2 At December 31 Marketing retail outlets 2020 2019 2018 2017 2016 Company Other Company Other Company Other Company Other Company Other Other United States 311 7,780 310 7,582 313 7,534 321 7,422 325 7,489 Fuel oil Canada Jet fuel – – – – – – – – 137 43 Diesel/Gas oil Latin America 18 1,362 21 1,193 24 1,065 29 857 38 773 Gasoline Asia-Pacific 344 1,515 126 1,418 125 1,385 133 1,400 146 1,430 * Includes equity share in aliates. Africa-Pakistan – – – – – – 183 651 187 642 Total 673 10,657 457 10,193 462 9,984 666 10,330 833 10,377

Marketing retail outlets 1 Excludes outlets of equity affiliates totaling 2,397, 2,401, 2,456, 2,508 and 2,599 for 2020, 2019, 2018, 2017 and 2016, respectively. 2 Number of outlets Company outlets are motor vehicle outlets that are company owned or leased. These outlets may be either company operated or leased to a dealer. Other outlets consist of all remaining branded outlets that are owned by others and supplied with branded products.

Aliates Company Retailer

Chevron Corporation 2020 Supplement to the Annual Report 52 downstream operating data

CPChem plant capacities and products at year-end 20201 CPChem share of capacity by product2 Normal alpha Thousands of metric tons per year Benzene Cyclohexane Ethylene olefins Polyethylene Propylene Styrene Other3 United States – Wholly Owned Baytown, Texas (Cedar Bayou) – – 2,560 1,060 980 465 – √ Borger, Texas – – – – – – – √ Conroe, Texas – – – – – – – √ Sweeny/Old Ocean, Texas – – 1,995 – 1,000 395 – – Orange, Texas – – – – 440 – – – Pasadena, Texas – – – – 985 – – – Pascagoula, Mississippi 725 – – – – – – – Port Arthur, Texas – 480 855 – – 350 – – Seven other locations – – – – – – – √ Total United States – Wholly Owned 725 480 5,410 1,060 3,405 1,210 – √ United States – Affiliates Allyn’s Point, Connecticut (50%) – – – – – – – √ Hanging Rock, Ohio (50%) – – – – – – – √ Joliet, Illinois (50%) – – – – – – – √ Marietta, Ohio (50%) – – – – – – – √ St. James, Louisiana (50%) – – – – – – 475 – Torrance, California (50%) – – – – – – – √ Total United States – Affiliates – – – – – – 475 √ Total United States 725 480 5,410 1,060 3,405 1,210 475 √ International – Wholly Owned Belgium, Beringen – – – – – – – √ Belgium, Tessenderlo – – – – – – – √ Total International – Wholly Owned – – – – – – – √ International – Affiliates Colombia, Cartagena (50%) – – – – – – – √ Qatar, Mesaieed (49%) – – 255 200 395 – – – Qatar, Ras Laffan (26%) – – 340 – – – – – Saudi Arabia, Al Jubail (50%) 425 180 105 – – 75 375 √ Saudi Arabia, Al Jubail (35%) – – 425 35 385 155 – √ Singapore (50%) – – – – 200 – – – Total International – Affiliates 425 180 1,125 235 980 230 375 √ Total International 425 180 1,125 235 980 230 375 √ Total Worldwide 1,150 660 6,535 1,295 4,385 1,440 850 √

1 Includes CPChem’s share of equity affiliates. 2 Capacities represent typical calendar-day processing rates for feedstocks to process units, determined over extended periods of time. Capacities may vary from actual depending on feedstock qualities, maintenance schedules and external factors. 3 Other includes polyalphaolefins, polypropylene, polystyrene, performance pipe and specialty chemicals.

Olefin, polyolefin, specialty, aromatic and styrenic sales (Represents equity share in CPChem and GS Caltex) Year ended December 31 Thousands of metric tons per year 2020 2019 2018 2017 2016 Olefin and polyolefin sales 5,143 4,261 4,502 3,915 3,972 Specialty, aromatic and styrenic sales 3,262 3,571 3,886 2,399 3,442

Chevron Corporation 2020 Supplement to the Annual Report 53 reference glossary of energy and financial terms

Production Total production refers to all the crude oil (including energy terms synthetic oil), NGLs and natural gas produced from a property. Acreage Land leased for oil and gas exploration and production. Net production is the company’s share of total production after Additives Specialty chemicals incorporated into fuels and lubricants deducting both royalties paid to landowners and a government’s that enhance the performance of the finished product. agreed-upon share of production under a PSC. Liquids production refers to crude oil, condensate, NGLs and synthetic oil volumes. Barrels of oil-equivalent A unit of measure to quantify crude oil, Oil-equivalent production is the sum of the barrels of liquids and the natural gas liquids and natural gas amounts using the same basis. oil-equivalent barrels of natural gas produced. See barrels of oil- Natural gas volumes are converted to barrels on the basis of energy equivalent, oil-equivalent gas and production-sharing contract. content. See oil-equivalent gas and production. Production-sharing contract (PSC) An agreement between a Condensate Hydrocarbons that are in a gaseous state at government and a contractor (generally an oil and gas company) reservoir conditions, but when produced are in liquid state at whereby production is shared between the parties in a prearranged surface conditions. manner. The contractor typically incurs all exploration, development Development Drilling, construction and related activities following and production costs, which are subsequently recoverable out of discovery that are necessary to begin production and transportation an agreed-upon share of any future PSC production, referred to as of crude oil and/or natural gas. cost recovery oil and/or gas. Any remaining production, referred to Enhanced recovery Techniques used to increase or prolong as profit oil and/or gas, is shared between the parties on an agreed- production from crude oil and natural gas reservoirs. upon basis as stipulated in the PSC. The government may also retain a share of PSC production as a royalty payment, and the contractor Exploration Searching for crude oil and/or natural gas by utilizing typically owes income tax on its portion of the profit oil and/or gas. geological and topographical studies, geophysical and seismic The contractor’s share of PSC oil and/or gas production and reserves surveys, and drilling of wells. varies over time, as it is dependent on prices, costs and specific Gas-to-liquids (GTL) A process that converts natural gas into high- PSC terms. quality liquid transportation fuels and other products. Refinery utilization Represents average crude oil consumed in fuel Liquefied natural gas (LNG) Natural gas that is liquefied under and asphalt refineries for the year, expressed as a percentage of the extremely cold temperatures to facilitate storage or transportation in refineries’ average annual crude unit capacity. specially designed vessels. Reserves Crude oil and natural gas contained in underground rock Liquefied petroleum gas (LPG) Light gases, such as butane and formations called reservoirs and saleable hydrocarbons extracted propane, that can be maintained as liquids while under pressure. from oil sands, shale, coalbeds and other nonrenewable natural resources that are intended to be upgraded into synthetic oil or gas. Natural gas liquids (NGLs) Separated from natural gas, these include Net proved reserves are the estimated quantities that geoscience ethane, propane, butane and natural gasoline. and engineering data demonstrate with reasonable certainty to be Oil-equivalent gas The volume of natural gas needed to generate economically producible in the future from known reservoirs under the equivalent amount of heat as a barrel of crude oil. Approximately existing economic conditions, operating methods and government 6,000 cubic feet of natural gas is equivalent to one barrel of crude oil. regulations and exclude royalties and interests owned by others. Oil sands Naturally occurring mixture of bitumen (a heavy, viscous Estimates change as additional information becomes available. form of crude oil), water, sand and clay. Using hydroprocessing Oil-equivalent reserves are the sum of the liquids reserves and the technology, bitumen can be refined to yield synthetic oil. oil-equivalent gas reserves. See barrels of oil-equivalent and oil- equivalent gas. The company discloses only net proved reserves in its Petrochemicals Compounds derived from petroleum. These include: filings with the U.S. Securities and Exchange Commission. Investors aromatics, which are used to make plastics, adhesives, synthetic should refer to proved reserves disclosures in Chevron’s Annual fibers and household detergents; and olefins, which are used to make Report on Form 10-K for the year ended December 31, 2020. packaging, plastic pipes, tires, batteries, household detergents and synthetic motor oils.

Chevron Corporation 2020 Supplement to the Annual Report 54 reference

Resources Estimated quantities of oil and gas resources are recorded under Chevron’s 6P system, which is modeled after the Society of financial terms Petroleum Engineers’ Petroleum Resource Management System, Capital employed The sum of Chevron Corporation stockholders’ and include quantities classified as proved, probable and possible equity, total debt and noncontrolling interests. Average capital reserves, plus those that remain contingent on commerciality. employed is computed by averaging the sum of capital employed at Unrisked resources, unrisked resource base and similar terms the beginning and end of the year. represent the arithmetic sum of the amounts recorded under each of Cash flow from operating activities Cash generated from the these classifications.Recoverable resources, potentially recoverable company’s businesses; an indicator of a company’s ability to fund volumes and other similar terms represent estimated remaining capital programs and stockholder distributions. Excludes cash flows quantities that are expected to be ultimately recoverable and related to the company’s financing and investing activities. produced in the future, adjusted to reflect the relative uncertainty Current assets divided by current liabilities. represented by the various classifications. These estimates may Current ratio change significantly as development work provides additional Debt ratio Total debt, including finance lease liabilities, divided by information. At times, original oil in place and similar terms are total debt plus Chevron Corporation stockholders’ equity. used to describe total hydrocarbons contained in a reservoir Earnings Net income attributable to Chevron Corporation as without regard to the likelihood of their being produced. All of presented on the Consolidated Statement of Income. these measures are considered by management in making capital investment and operating decisions and may provide some indication Free cash flow The cash provided by operating activities less cash to stockholders of the resource potential of oil and gas properties in capital expenditures. which the company has an interest. Goodwill An asset representing the future economic benefits arising Shale gas Natural gas produced from shale rock formations where from the other assets acquired in a business combination that are not the gas was sourced from within the shale itself. Shale is very fine- individually identified and separately recognized. grained rock, characterized by low porosity and extremely low Interest coverage ratio Income before income tax expense, plus permeability. Production of shale gas normally requires formation interest and debt expense and amortization of capitalized interest, stimulation such as the use of hydraulic fracturing (pumping a fluid- less net income attributable to noncontrolling interests, divided by sand mixture into the formation under high pressure) to help produce before-tax interest costs. the gas. Margin The difference between the cost of purchasing, producing Synthetic oil A marketable and transportable hydrocarbon liquid, and/or marketing a product and its sales price. resembling crude oil, that is produced by upgrading highly viscous or Net debt ratio Total debt less the sum of cash and cash equivalents, solid hydrocarbons, such as extra-heavy crude oil or oil sands. time deposits, and marketable securities, as a percentage of total Tight oil Liquid hydrocarbons produced from shale (also referred debt less the sum of cash and cash equivalents, time deposits, and to as shale oil) and other rock formations with extremely low marketable securities plus Chevron Corporation’s stockholders’ equity. permeability. As with shale gas, production from tight oil reservoirs Return on capital employed (ROCE) This is calculated by dividing normally requires formation stimulation such as hydraulic fracturing. earnings (adjusted for after-tax interest expense and noncontrolling Unconventional oil and gas resources Hydrocarbons contained in interests) by average capital employed. formations over very large areas with extremely low permeability Return on stockholders’ equity (ROSE) This is calculated by dividing that are not influenced by buoyancy. In contrast, conventional earnings by average Chevron Corporation stockholders’ equity. resources are contained within geologic structures/stratigraphy Average Chevron Corporation stockholders’ equity is computed and float buoyantly over water. Unconventional resources include by averaging the sum of the beginning-of-year and end-of-year shale gas, coalbed methane, crude oil and natural gas from tight rock balances. formations, tar sands, kerogen from oil shale, and gas hydrates that cannot commercially flow without well stimulation. Return on total assets This is calculated by dividing earnings by average total assets. Average total assets is computed by averaging Wells Oil and gas wells are classified as either exploration or the sum of the beginning-of-year and end-of year balances. development wells. Exploration wells are wells drilled to find a new field or to find a new reservoir in a field previously found to be Total stockholder return The return to stockholders as measured productive of oil and gas in another reservoir. Appraisal wells are by stock price appreciation and reinvested dividends for a period exploration wells drilled to confirm the results of a discovery well. of time. Delineation wells are exploration wells drilled to determine the boundaries of a productive formation or to delineate the extent of a find.Development wells are wells drilled in an existing reservoir in a proved oil- or gas-producing area. Completed wells are wells for which drilling work has been completed and that are capable of producing. Dry wells are wells completed as dry holes, that is, wells not capable of producing in commercial quantities.

Chevron Corporation 2020 Supplement to the Annual Report 55 reference additional information publications and other news sources legal notice Additional information relating to Chevron is contained in its 2020 As used in this report, the terms “Chevron,” “the company” and “its” Annual Report to stockholders and its Annual Report on Form 10-K may refer to Chevron Corporation, one or more of its consolidated for the fiscal year ended December 31, 2020, filed with the U.S. subsidiaries, or to all of them taken as a whole, but unless the context Securities and Exchange Commission. Copies of these reports are clearly indicates otherwise, the term should not be read to include available on the company’s website, www.chevron.com, or may be “affiliates” of Chevron, that is, those companies accounted for by the requested by contacting: equity method (generally owned 50 percent or less) or investments Chevron Corporation accounted for by the nonequity method. All of these terms are used Investor Relations for convenience only and are not intended as a precise description of 6001 Bollinger Canyon Road, A3140 any of the separate companies, each of which manages its own affairs. San Ramon, CA 94583-2324 925 842 5690 Email: [email protected] trademark notice Caltex, Chevron, the Chevron Hallmark, Clarity, Delo, Havoline, The 2020 Corporate Responsibility Report is scheduled to be ISOALKY, Isodewaxing, Meropa, Oronite, Rando, Taro, Techron, available in May 2021 on the company’s website, www.chevron.com Texaco, Ursa and The Human Energy Company are registered or may be requested by writing to: trademarks and The Human Energy Company is a trademark of Chevron Corporation Chevron Intellectual Property LLC. Corporate Affairs 6001 Bollinger Canyon Road, Building G All other trademarks are the property of their respective owners. San Ramon, CA 94583-2324 For additional information about the company and the energy industry, visit Chevron’s website, www.chevron.com. It includes articles, news releases, speeches, quarterly earnings information and the Proxy Statement.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This 2020 Supplement to the Annual Report of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised”, “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 on the company’s 2020 Annual Report on Form 10-K. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. Certain terms, such as “unrisked resources,” “unrisked resource base,” “recoverable resources” and “original oil in place,” among others, may be used in this report to describe certain aspects of the company’s portfolio and oil and gas properties beyond the proved reserves. For definitions of, and further information regarding, these and other terms, see the “glossary of energy and financial terms” on pages 54 and 55 of this report. As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.

This publication was issued in March 2021 solely for the purpose of providing additional Chevron financial and statistical data. It is not a circular or prospectus regarding any security or stock of the company, nor is it issued in connection with any sale, offer for sale of or solicitation of any offer to buy any securities. This report supplements the Chevron Corporation 2020 Annual Report to stockholders and should be read in conjunction with it. The financial information contained in this 2020 Supplement to the Annual Report is expressly qualified by reference to the 2020 Annual Report, which contains audited financial statements, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other supplemental data.

Chevron Corporation 2020 Supplement to the Annual Report 56 chevron history

1879 1988 Incorporated in San Francisco, California, as the Pacific Coast Purchased Tenneco Inc.’s U.S. Gulf of Mexico crude oil and Oil Company. natural gas properties, becoming one of the largest U.S. natural gas producers. 1900 Acquired by the West Coast operations of John D. Rockefeller’s 1993 original Standard Oil Company. Formed Tengizchevroil, a joint venture with the Republic of Kazakhstan, to develop and produce the giant Tengiz Field, 1911 becoming the first major Western oil company to enter newly Emerged as an autonomous entity – Standard Oil Company independent Kazakhstan. (California) – following U.S. Supreme Court decision to divide the Standard Oil conglomerate into 34 independent companies. 1999 Acquired Rutherford-Moran Oil Corporation. This acquisition provided 1926 inroads to Asian natural gas markets. Acquired Pacific Oil Company to become Standard Oil Company of California (Socal). 2001 Merged with Texaco Inc. and changed name to ChevronTexaco 1936 Corporation. Became the second-largest U.S.-based Formed the Caltex Group of Companies, jointly owned by Socal energy company. and The Texas Company (later became Texaco), to combine Socal’s exploration and production interests in the Middle East and Indonesia 2002 and provide an outlet for crude oil through The Texas Company’s Relocated corporate headquarters from San Francisco, California, marketing network in Africa and Asia. to San Ramon, California. 1947 2005 Acquired Signal Oil Company, obtaining the Signal brand name and Acquired Unocal Corporation, an independent crude oil and natural adding 2,000 retail stations in the western United States. gas exploration and production company. Unocal’s upstream assets bolstered Chevron’s already-strong position in the Asia-Pacific, 1961 U.S. Gulf of Mexico and Caspian regions. Changed name to Chevron Acquired Standard Oil Company (Kentucky), a major petroleum Corporation to convey a clearer, stronger and more unified presence products marketer in five southeastern states, to provide outlets for in the global marketplace. crude oil from southern Louisiana and the U.S. Gulf of Mexico, where the company was a major producer. 2020 Acquired Noble Energy, Inc., providing Chevron with low-cost proved 1984 reserves and attractive undeveloped resources, and cash-generating Acquired Gulf Corporation – nearly doubling the company’s crude offshore assets in Israel, acreage in the DJ and Permian basins. oil and natural gas activities – and gained a significant presence in industrial chemicals, natural gas liquids and coal. Changed name to Chevron Corporation to identify with the name under which most products were marketed. Chevron Corporation 6001 Bollinger Canyon Road, San Ramon, CA 94583-2324 USA www.chevron.com

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